Westfield said it will recommence construction works on the £260m Bradford shopping centre in January 2014, which was halted in February 2008 due to the global economic crisis.
Final site-enabling works are scheduled for completion in December 2013, which the company expects will pave the way for construction to begin.
The completed Bradford Broadway development will be 570,000ft². This will include a new shopping centre featuring a 106,000ft² Debenhams department store and a 63,000ft² Marks & Spencer store, as anchor retailers with 70 additional shops, restaurants and cafés.
Westfield was appointed to develop, design, construct and lease the project and will also act as the property manager for the centre, upon completion of the development.
Westfield managing director for UK, Europe and new markets Michael Gutman said that the Bradford Broadway development is the first of many schemes in the company’s £3.5bn plus development pipeline, which also includes the £1bn expansion of Westfield London and new projects in Croydon, UK and Milan, Italy.
"Westfield has worked intensively with Bradford Council, the government and Meyer Bergman to attract new retailers, create new jobs and ensure that this development is built for the city and the people of Bradford," Gutman said.
UK Prime Minister David Cameron said Westfield has delivered on its commitment to help regenerate Bradford and to build the Broadway scheme, contributing to the government’s growth agenda.
"We welcome the commitment Westfield has shown in the UK with its previous regeneration work having invested £3.5bn and created 25,000 new UK jobs already, and we look forward to the realisation of its plans for a further £2.5bn to be invested in the UK, which we understand will create a further 14,000 new UK jobs," Cameron said.
European real estate investment firm Meyer Bergman acquired the scheme on behalf of some its clients, with support from the Canadian pension funds, Healthcare of Ontario Pension Plan and AIMCo.