Wolves revises funding strategy for £50m project

摘要

New flinders will be brought in to save Wolverhampton City Council's ambitious £50m Westside development. Since the council signed a deal with developer Urban&Civic in April 2017 the project has suffered delays, attributed to 'challenging national market conditions'. Discussions between the two partners have resulted in a revised funding strategy to bring in an institutional investor, such as a pension fund, rather than the costs being bome by Urban&Civic. Under the new arrangements, the council will shoulder part of the responsibility to fully occupy the 150,000 sq ft scheme, consisting of a multi-screen cinema, leisure attractions and restaurants.