Australians may have sold ‘hole’ for £200m

Westfield, which last year secured revised planning consent for a smaller development, is reported to have sold the scheme, which is to be built on a 23-acre site, to Meyer Bergman.

The European real estate investment and fund management firm and Westfield declined to comment on the report.

But the Yorkshire Post understands Meyer Bergman has agreed to buy the scheme for about £200m.

Building work is expected to resume next year and the long-awaited centre could be open by the autumn of 2015. It is understood that Westfield will build the shopping centre, which will be called Westfield Broadway and will manage it once it has been completed.

A Westfield spokesperson said: “Westfield is not prepared to comment on speculation. Westfield is committed to progressing The Broadway scheme in Bradford and is focused on the pre-letting of the scheme before it can commence on site.

“Westfield has in fact recently announced that Debenhams has signed an agreement to extend its proposed store in the Broadway development. This follows the latest announcement of the completion of its major anchor store lettings with the signing of Marks & Spencer.

“Next has also recently agreed to open a flagship store in The Broadway scheme – its second in Bradford.

“There is strong interest from a range of major stores and speciality shops given the relatively untapped retail market in Bradford City Centre.”

Councillor David Green, Leader of Bradford Council, said the council’s priority was to get the shopping centre development built.

He added: “The potential ownership of the shopping centre in the future is less important than bringing more shops to the city centre. How a developer chooses to fund a scheme is entirely a commercial matter for them.

“We know local people and businesses have waited a long time for the shopping centre development to be built.”

The area was razed nearly a decade ago.