A major international property investment group is reported to be interested in taking a £120 million stake in Bradford’s stalled Westfield retail scheme on Broadway If the deal goes ahead it would see Dutch investor Meyer Bergman enter a joint venture with Australian developer Westfield, which has submitted revised plans for a scaled down £250m retail scheme.

The two companies, neither of which were available to comment, are said to be in talks to create a 50-50 joint venture to push forward the 550,000 sq ft Bradford scheme.

In another potential boost to the Broadway development, retail chief Sir Philip Green, boss of the Arcadia Group which includes British Homes Stores, has hinted that BHS may return to Westfield Bradford after pulling out of the original scheme in 2008.

Billionaire Sir Philip told a national newspaper: “Westfield in Bradford has been off of my radar for ages, but there is potentially a conversation to be had there. It is early days but we’ll see.”

Westfield. which recently handed over its latest development at Stratford, East London, next to the 2012 London Olympic Games site, mothballed the Bradford scheme in 2008 at the start of the recession after starting preparation work and securing major tenants such as Debenhams and Marks & Spencer.

The new scheme, which could create about 2,000 jobs, has been scaled down by a quarter, from 100 to 75 shops, including M&S and plans have been submitted to Bradford Council for approval.

A second anchor tenant is due to be announced soon.

Councillor David Green, Bradford Council’s executive member for regeneration and economy, gave a cautious welcome to the reports.

He said: “ Anything that helps to deliver the project quickly and makes it more likely has got to be good news for Bradford. The fact that two international companies are reported to be talking to each other about the Bradford scheme is encouraging.

“With regard to Sir Philip Green’s comments, now that the Westfield scheme is going forward in terms of planning I would expect them to be talking to a wide range of major retailers about taking space at the Bradford development.”