The West Midlands Combined Authority (WMCA) has agreed in principle for a multimillion-pound investment to create leisure, retail, and commercial space as well as new homes at the scheme.
The decision to redevelop the 250,000 sq ft shopping centre means that negotiations between the WMCA and the developers, Birmingham Property Group and SAV Group, will now commence.
Andy Street, mayor of the West Midlands, and chair of the WMCA, said: “It’s wonderful to have good news to share about the well-known Gracechurch Shopping Centre site in Royal Sutton Coldfield.
“I’m so pleased to see that the new owners have exciting plans to breathe new life into the town centre.
“We will continue to work in close collaboration with them to help them realise their vision for Gracechurch – benefitting local people through job creation, leisure options and overall regeneration in the months and years ahead.”
Councillor Ian Courts, leader of Solihull Council, and portfolio holder for housing and regeneration at the WMCA, added: “Our town centres and shopping areas are at the heart of our communities and it’s important that we help them to prosper so they offer the retail, homes and services local people need.
“The WMCA is playing an active role across the region, investing in centres like Sutton Coldfield, to support our local economy as well as providing new homes for our people.”