Lichfield cinema a step closer after joint venture deal agreed22/03/2023
The owner of The Three Spires in Lichfield has agreed terms for the joint venture (JV) deal with Lichfield District Council to bring the city’s first multiscreen cinema in decades a step closer.
Since M Core, one of the largest, privately held commercial property portfolios in the UK, acquired the outdoor shopping centre in summer 2022, it has signalled its intentions to open a cinema in the former Debenhams store.
Phil Murphy, Head of Property and Transactions at Evolve Estates, which is part of M Core and is leading the JV scheme, said: “I’m really pleased this joint venture deal is now agreed and we can look forward to bringing the cinema to Lichfield.
“Further to a positive planning pre-application last year, we’ve re-designed the proposal to accommodate the JV’s wider brief, allowing for a more impactful regeneration of the Debenhams space and the new, wider city centre quarter with mixed use occupiers.
“Having agreed heads of terms, we are in advanced legal negotiations with a cinema operator and hope to announce that in the coming weeks.
“We’re really excited by the opportunities at The Three Spires and since acquiring it, we’ve been committed to ensuring it works to its full potential for the benefit of the local Lichfield community and the millions of visitors the wider area attracts every year.
“The work won’t stop with the cinema: we will continue to invest in the centre, attracting more good quality occupiers and brands to ensure there is a real diverse offering, which will only add to the vibrancy of what is a prime tourist city.”
Simon Fletcher, Chief Executive of Lichfield District Council, said: ‘’I’m delighted we’ve now completed the joint venture deal and at the progress made to attract an operator for the cinema. This deal and our relationship with the owners of The Three Spires is an important part of ensuring our city centre is vibrant and benefits the whole district. I know local people are anxious to hear who the cinema operator is; we’re now on the final step and look forward to announcing it soon.”
Three Spires attracts 9.9 million shoppers a year and has two car parks – Backcester Lane and Gresley Row – with 160 vehicle parking spaces. It is also close to the city’s bus station and railway station.
For details about opportunities at Three Spires, contact Philip Murphy on 07850 079782.