Historic £60million King's Quarter agreement to be signed
A HISTORIC £60million agreement which will change the shape of Gloucester's future is to be signed today.
Gloucester City Council officials and representatives of developers Stanhope Plc will be signing an official agreement for the ambitious development of King's Quarter.
The project will see an additional 200,000 sq ft of retail development including an anchor store, over 30 new shops, restaurants, new public squares and a new bus station.
Council leader, Paul James, said: "This is an historic moment.
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"It officially commits all of us to working to make this development happen.
"It shows that Gloucester is continuing to buck the national trend as we attract inward investment of this magnitude and it shows our commitment to improving the city centre.
"Developers and investors recognise what has been achieved in the city over the last few years and are alive to the opportunities that still exist."
It has taken months of negotiation to get to this point, including with Gloucester Quays development, which earlier this year won the bid for a new cinema.
Martyn Chase, a director at Stanhope, said: "We are delighted to have reached this key milestone in the development of Kings Quarter.
"On the back of the positive progress on the scheme to date, this agreement will enable us to move forward with confidence, and we look forward to developing our ideas with the local community, retailers and other key city stakeholders to ensure that King's Quarter further enhances the city."
The scheme has also been backed by shoppers.
Kevin Ryan, 29, from Tuffley, said: "It's about time something was done. They need to rip it all out and start again from scratch."
Francis McDonald, from Gloucester, said: "It seems like a lot of money, it is really exciting for the city centre.
"It needs a boost for sure, there is a lot that can be done. It is a big space."