Plans for a new cinema in Redhill town centre are moving forward.
Proposals for the redevelopment of Marketfield Way – to include flats. shops. restaurants and a six-screen cinema – are set to be considered by Reigate and Banstead Borough Council’s executive committee tonight (Thursday).
As the Mirror went to press, councillors were expected to approve the plans which would see CoPlan Estates selected as the council’s development partner.
A report, submitted to the council’s executive, by property services manager John Reed said: “Marketfield Way is one of the principal regeneration sites in Redhill town centre. Provision of a cinema together with a selection of restaurant, retail and residential uses will enhance town centre provision and will have a significant impact on improving the night-time economy.”
In bis report Mr Reed lays out a timescale for the project: leases should be agreed in the spring and summer of 2015 before the project is put out to tender at the end of the year.
If all goes to plan, development contracts should be awarded in the first half of 2016.
The scheme will be financed through the council’s capital funds programme and a loan from the National Loans Fund. Exact financial details are set to be discussed during the private section of Thursday’s meeting.
CoPlan Estates is set to be confirmed as the development partner after being chosen over rival firm Bridehall.
The firm’s scheme has been selected. according to council reports, because it provides 30 per cent more residential accommodation with parking. and more “active frontage” along Marketfield Way.
Documents submitted to the executive reveal the CoPlan scheme does carry more risk. however, because it includes more flats than the rival proposal.
But in a report. Coralie Holman. the council’s head of policy, development anrl property, sairl: “The inclusion of parking in the CoPlan scheme is likely to be more attractive to purchasers than a flat with no parking. This, coupled with the improving residential market, is considered to help minimise the risk associated with a large amount of residential accommodation.”
The council’s criteria for the redevelopment, which will mean building on the Marketfield Way car park and the shops from 1811 High Street, called for a multiscreen nationally branded cinema, family restaurants and shops.
The Co Plan scheme includes 9-4 flats, 4,585 square metres of retail space, 1, 196 square metres of restaurant space, undercroft parking and a six screen cinema.