'Get Westfield on site now - not in 10 years'

Developers Westfield should be given every encouragement to re-start Bradford’s stalled £320 million Broadway shopping development, retail expert John Bywater told the Bradford Property Forum.

He said: “I know the guys at Westfield. They are trusted and liked by shoppers and retailers alike, so Bradford is incredibly lucky to have them.

“But they are not going to take inappropriate risks. They are tens of millions adrift in Bradford at the moment.”

Mr Bywater said it was a “desperate situation that needs desperate measures” to get Westfield on to site.

He said it would be great if Bradford Council, Yorkshire Forward or the Government could take an equity stake to encourage Westfield to start building now.

He said the authorities could consider:

• Tax Increment Financing, a public financing method.

• Accelerated Development Zone, a scheme that allows councils to borrow funds for development against future business rates revenue.

• Joint European Support for Sustainable Investment in City Areas – under which European members are given the option of using some of their EU grant funding to make repayable investments in projects forming part of an integrated plan for sustainable urban development.
• Mr Bywater said: “Bradford has got to take a look at all these things and say we are going to do this, we are going to get Westfield on to site now, not wait for ten years while they mess around.”

Property forum chairman Andrew Mason said: “It’s important to take on board John’s comments and think what we can do to encourage Westfield.

“The worst case scenario is ten years, whereas we all want them to start tomorrow, but the truth probably lies somewhere in between and my best guess is two to four years.”

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