The Junction Oldbury is a 15.3 hectare site with planning permission for a 300,000 sq ft mixed-use development incorporating A1 non-food and bulky goods, leisure uses and A3/4/5 restaurant premises alongside 1,500 car parking spaces.
The developer will shortly submit a Section 73 application to Sandwell council to vary planning conditions to make the development viable in the current economic climate.
The application paves the way for construction work to start next year and the demolition of redundant buildings and the start of remediation works for the former industrial land is already under way.
The developer hope to appoint a main contractor by summer 2012 with a targeted date for completion of late 2013.
Jo Lord, Managing Director, Retail Parks at Capital & Regional, managers of The Junction said: “The Junction, Oldbury is a key development project within our UK wide portfolio.
“We are keen to bring this site forward as soon as possible and we have been working closely with Sandwell Metropolitan Borough Council to make this a reality.
“640,000 people are estimated to live within a 20 minute drive of the site, which provide a substantial catchment area for a variety of high quality retailers who we are currently in discussions with.
“The site is also located on an arterial route into Oldbury, with many bus services passing the development and being within easy walking distance of Oldbury town centre, our development has been designed as an extension of the traditional town centre, giving shoppers a wider choice and more reason to visit.”
Cllr Ian Jones, Cabinet Member for Jobs and Economy said: “Hundreds of jobs for local people would be created by the development of The Junction.
“The range of new retail premises would also give more choice to local shoppers and encourage thousands more people to visit Oldbury each week.
“This is exactly the type of development we need to encourage in the current climate to boost our local economy and enhance a key town centre for the Borough.
“Furthermore, if building work could start in summer 2012, this would immediately create a large number of construction jobs for local people.”