The plan to bring a new multiscreen cinema to Lichfield city centre has moved a step closer after a joint venture was signed.
M Core, the Black Country property group which acquired The Three Spires shopping centre last summer, has formed a new JV partnership with Lichfield District Council to explore the next phases of the project in Baker's Lane.
If successful, it would be the first time in decades that the city has had a multiscreen cinema which is set to be housed in the old Debenhams store which closed down in May 2021 after the retailer fell into administration.
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Phil Murphy, head of property and transactions at Evolve Estates, the division of M Core which is leading the JV scheme, said: "I'm really pleased this joint venture deal is now agreed and we can look forward to bringing the cinema to Lichfield.
"Further to a positive planning pre-application last year, we've re-designed the proposal to accommodate the joint venture's wider brief, allowing for a more impactful regeneration of the Debenhams space and the new, wider city centre quarter with mixed use occupiers.
"Having agreed heads of terms, we are in advanced legal negotiations with a cinema operator and hope to announce that in the coming weeks.
"We're really excited by the opportunities at The Three Spires and, since acquiring it, we've been committed to ensuring it works to its full potential for the benefit of the local Lichfield community and the millions of visitors the wider area attracts every year.
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"The work won't stop with the cinema - we will continue to invest in the centre."
Simon Fletcher, chief executive of Lichfield District Council, added: "I'm delighted we've now completed the joint venture deal and at the progress made to attract an operator for the cinema.
"This deal and our relationship with the owners of The Three Spires is an important part of ensuring our city centre is vibrant and benefits the whole district."