Cineworld is understood to be the anchor for the Bridge Street Quarter regeneration scheme in Warrington, with the council and Muse Developments' investment in the project set to almost double to £107m to allow for a 2,000-seat cinema with IMAX.
Warrington Council announced yesterday that a revised and enhanced masterplan for the project is to go before its executive board on 13 April. The £58m scheme in its current form includes a new market hall which will incorporate the historic former Boots building frontage, new council offices, several restaurants and a public square.
The £107m reworked development to be discussed next week will add a £20m 1,300-space multi-storey car park to be built in the south of the site, alongside the expanded 10-screen cinema which will sit at the core of the scheme.
According to the report, the project will create an anticipated income of £5.5m each year for Warrington Council and also be a valuable capital asset for the local authority.
Hoardings have been erected around phase one of the site in order that Time Square demolition works can commence later this month and ground works are ongoing. The first building to be built will be a temporary market hall into which the market will relocate early in 2017 in order for the old premises to be demolished and a new 41,000 sq ft venue constructed.
The Bridge Street Quarter project is being delivered by Warrington & Co., on behalf of Warrington Council with development partner Muse Developments.
When open the market hall will incorporate the Boots building façade on Bridge Street as one of its entrances. The opposite side of the building will feature entrances out towards the square in front of the new multiplex cinema. Access into the market will also be available from the two other sides of the building in order to generate and promote through footfall and promote trade.
The scheme was designed by Leach Rhodes Walker, and is due to complete in 2019.
All parties declined or were unavailable to comment on the deal with Cineworld.