CORONET
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Work on transforming the old Coronet cinema has started.
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A major supermarket chain is expected to kick-start the re-development of the Well Hall Coronet site.
The stricken former cinema, which closed more than 10 years ago, has been mired in financial and planning problems, putting its long-term future in jeopardy.
But work is soon expected to start on converting the old art deco cinema into flats and business units, which will also include a restaurant and re-vamped 60-seat arthouse studio screen.
Anger at the lack of progress boiled over in February when the Progress Residents Association mounted a demonstration outside the building.
But the backing of a supermarket chain has now guaranteed the development will go ahead. Sainbury’s are the front-runners to install their national ‘Local’ franchise on the land between the Coronet and the existing row of shops and flats in Well Hall Road.
Outsiders in the running are thought Marks and Spencer ‘Simply Food’ and Tesco ‘Express’, either of which would provide major competition for the nearby Co-op.
The store would have a two story run of flats above. Latest plans lodged by Cathedral show the new flats being linked by bridge to the main Coronet site.
Project manager Stephen Friel, for developers The Cathedral Group, has now promised the Progress residents that work is on track for a start within weeks.
Boarding outside the building is due to be covered with glossy panels outlining the forthcoming demolition and construction work.
The development, which will see the creation of more than 60 flats in the old cinema, will involve the demolition and re-building of the current shops units.
The involvement of the supermarket will pay for the demolition phase of the project and unlock speculative funding for the construction of the flats. Work is expected to start on the ground in early summer and completion next year.
It is expected to be 2013 before the first flats are expected to be completed on site.
A major problem has been re-development of land behind the shops and the petrol station where the freehold will not become available until 2015. Cathedral plan to use the land for the creation of a small-scale business park.
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