The consortium, a joint venture company comprising of Sovereign Land, AREA Property Partners and Shepherd Construction have exchanged contracts with KPMG, the Administrator to Modus Properties, to acquire the site and develop the property to completion. Shepherd Construction also retains their role as the appointed contractor to build the project out.
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The development which is set to return on site by January 2010 will be completed by Easter 2011. When the project went into administration it had reached the halfway stage. The Highways Programme, the Market Hall, the car park and the steel frames for the two largest tenants, Sainsburys and Debenhams, had been virtually completed.
The concept and plans for the shopping centre remain largely unchanged. There will be a key fashion emphasis with a new Debenhams department store as the focus.
Cllr Peter Box, Leader of Wakefield Council, commented: "This is fantastic news and we are now looking forward to seeing this important city centre development completed, which will breathe new life into our economy. The council has been working hard behind the scenes to help find a new developer and we are delighted to see this latest progress which will hopefully once again see Wakefield buck the national trend and continue its regeneration."
(CD/KMcA)
