British Land has announced that it has secured a site in Lancaster that it is due to be turned into a mixed-up scheme.
The company revealed that it acquired a 2.3 acre stretch of land of the city's Canal Corridor North near to the centre of the north-west area which includes the former site of the Mitchell's of Lancaster brewery. Officials stated that plans are now in place with the council for a development agreement for the purchase of further land that will help the business to create a mixed-use scheme which is spread ten acres on top of the recent buy.
Officials at British Land noted that this agreement, along with the two theatres that flank the canal, provides the best possible retail opportunity within Lancaster. The company believes that once this project is completed it will significantly improve the offerings that the Lancashire city currently provides and could potentially entice more people to visit the area. The development is set to cost £75 million to finish but there has no word on a potential a completion date.
Richard Wise, head of retail development for British Land, said: "Working closely with Lancaster City Council and English Heritage, our aim is to deliver a scheme that complements the site's historical setting.
"Lancaster has seen very little retail investment over the last two decades and we look forward to creating a retail and leisure destination to serve local people and attract significant numbers of visitors into the city."
British Land is currently in the midst of a number of projects across the country and the Lancaster agreement signifies just one part of a pipeline of developments that it is hoping to complete over the coming years.
The company already has interests in a new shopping centre in Hampshire, while it is also involved in the expansion of Glasgow Fort Shopping Park which is due to be completed in summer 2013. The Lancaster project will form a part of this and due to large amount of students the city has every term, the improving of retail opportunities is seen as a necessity.
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