BROMSGROVE’S Nailers Yard development has been given a more than £2million cash boost.
The £2,425,000 funding has been secured from the Enterprise Zone Regeneration Investment Fund (EZRIF).
The Nailers Yard project is aimed at transforming the former Market Hall site into a new commercial building offering office space, ground-floor restaurant space and a rooftop food and drink outlet.
At a council meeting in December, Coun Charlie Hotham said the development appeared to be turning into Bromsgrove’s very own HS2, describing it as ‘a vanity project with a huge overspend’.
At the time, the leader of Bromsgrove District Council, Coun Karen May said the £2.425million was expected to be made available via Birmingham City Council as Bromsgrove’s allocation of funding from the now defunct Greater Birmingham and Solihull LEP.
Speaking following the release of funds, Coun May said: “The Nailers Yard project and the opportunities it will bring for the residents, businesses, and visitors to the town are many.
“Offering high-quality spaces, not only to work but also socialise in the heart of the town. Over £2 million in funding from the EZRIF means that we are one step closer to opening the doors. I am increasingly looking forward to being able to welcome people from far and wide into this new space we’ve created for the benefit of the town, the night economy, and local business.”
The cost for the Nailers Yard project was estimated to be £10,399,000 in 2021, but as of December, the cost for the project was estimated to be £15,004,552.
However, at December’s council meeting, Coun May said the cost increase to the Bromsgrove council taxpayer from the authority’s bank account was £165,000 as matters stand, not £5,343,000 as Coun Hotham suggested.
The EZRIF was designed to ensure that all local authorities in the former LEP’s region could share in the success of the Enterprise Zone, and to stimulate development, attract investment, and create jobs.
The project is a central part of the Council’s wider regeneration programme for the town centre.
The project is scheduled for completion in May 2026.
Visit www.bromsgrove.gov.uk/council/strategy/former-market-hall-site-redevelopment/for more information on the project.
