A major redevelopment of a large city centre retail park could begin within the next two years.
The council's cabinet approved changes to the lease of West Quay Retail Park on Tuesday to pave the way for redevelopment to begin.
Leaseholder Aviva is working on proposals for the regeneration of the site, stating it wants to consider schemes "other than retail".
Freehold landowner Southampton City Council has said it wants to support the redevelopment of the site, which also includes the coach station, for a mix of uses.
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Council leader Cllr Lorna Fielker said: “The proposed changes aim to support the delivery of the key site which has long been identified as a priority for regeneration over the medium to long term.
“This is our first step in the journey ahead and it will be informed by our master planning delivery framework, which is led by the renaissance board.
“We will closely monitor the progress of this large and complex site and work closely with the leaseholder to support our economic growth plans for the city.”
A report to cabinet by interim city development manager James Lazarus said Aviva had proposed an indicative redevelopment programme over a 10-year period in a number of phases.
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An initial phase is expected to commence within the next two years.
The size of the site and the staggered expiry of various leases for units presented significant challenges to delivering a single-phase development, the report said.
Mr Lazarus’s report said: “Allowing changes to the lease as recommended acknowledges the impacts of macroeconomic challenges faced by construction projects over the past few years, gives the leaseholder certainty that it can undertake development over a period of time, but also allows the council to continue to actively monitor and support progress towards delivery of redevelopment in this area.”
The site is made up of two terraces of retail units, with current occupiers including JD Sports, Decathlon, Boots, Argos, Matalan and Currys.
It also features the separate unit occupied by Mamas & Papas, the coach station, restaurants McDonald’s and TGI Fridays, car parks and access roads.
The entire site is covered by a single lease for a term of 150 years from October 1, 1994.
An Aviva Investors spokesperson said: “We continue to support the council in its proposed restructuring of the headlease at West Quay Retail Park and ensuring it continues to best meet the needs of the community.”
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