Talisman Square is set for a revamp as a plan to build shops and student accommodation is being drawn up by developers.
The new buildings will be constructed on the north side of the square, and will be similar to what currently exists at Sexton House on the square’s south side.
It will create new jobs, homes and wealth for the area.Hugo Hawkings
Developers Discovery Properties will be submitting the application along with Cobalt Estates.
Hugo Hawkings, chief executive of Discovery Properties, said: “We have invested heavily in developing Talisman over the last six years and should our application be successful it would mark the final stage of the new build re-development of the scheme.
“We are really pleased that after lengthy discussions with a number of parties we are now able to bring this forward.
“It has been our long-term ambition to complete the re-development of the centre and further strengthen Kenilworth’s retail offering, which will benefit our tenants and the town as a whole – creating new jobs, homes and wealth for the area.”
The pair of developers had planned to develop the north side of the square in 2008, but the recession meant they were reluctant to go ahead with the initial plans, and instead opted to build a temporary car park.
Mr Hawkings added: “In an ideal world we would have liked to have moved forward with these plans a few years ago, but the reality is it was not prudent to invest in speculative retail developments during a period of economic uncertainty.
“Adding a temporary car park to the scheme has significantly improved the aesthetics of the centre since the demolition of the old units, and has been extremely well used and served a purpose in an interim period.
“The time is now right for us to complete the final stage of our vision for the redevelopment of Talisman.”
The developers plan to hold a full public consultation later this month so that the people of Kenilworth can voice their opinions, allowing the developers to adjust the plans accordingly.