Nikal has agreed and signed terms with Blackpool Council for the lease of land at the Blackpool Central site, bringing the deal one step closer that will allow the Enabling Stage, Phase 1 and Phase 2 of the £300m regeneration proposals to get underway.
Cllr Simon Blackburn, Blackpool Council Leader said, “Last Autumn, Nikal and media company Media Invest Entertainment announced proposals for the ‘Blackpool Central’ scheme in the heart of the town. The proposals would include new leisure and visitor attractions and would bring approximately £300m of investment into the town.
“Throughout the course of this year the Council and Nikal have continued negotiations in relation to the terms of the development and for bringing the proposals to fruition. These negotiations are now at an advanced stage and we are delighted to announce that the terms have now been agreed for the release of the land required to kick start development on the site.”
The 17 acre development site which currently includes one of Blackpool’s biggest surface car parks, the magistrate’s court and former police station, will be transformed in several development phases, over the course of eight to nine years, into a world-class visitor attraction with new hotels, restaurants, food market, event square, residential apartments and a multi-storey car park.
It is estimated that the completed development will attract up to 600,000 additional visitors a year with a combined annual spend of £75m. It will also create around 1,000 new jobs.
Cllr Blackburn continued, “The proposals for the site remain very positive and the Council and Nikal are now progressing towards agreement of the legal documents with their Commercial and Legal Advisers, with a view to having the deal completed later this Autumn, so that work on the submission of a planning application can commence.
Enabling Phase: This will provide a new multi-storey car park with more than 1,300 spaces replacing the existing open air car park as well as new coach drop off facilities.
Phase 1: The first major phase of the project will incorporate several key components including the UK’s first flying theatre, Virtual Reality Experience, Greatest Mysteries Multimedia Exhibition Space, Adventure Land, Thrill & Gaming Zone, Alien Diner, an artisan food hall, and event square and a 150 bedroom hotel.
Phase 2: Plans include residential apartments, further food and drink outlets and a second hotel comprising 250 bedrooms and landscaped public space.