Development Securities has confirmed its joint venture partnership with Yorkshire developer S Harrison Developments to develop Friarsgate shopping centre in Lichfield.
The 395,000 sq ft scheme will incorporate retail, hotel, cinema, office and residential uses together with multi-storey parking. Planning consent and CPO position has been secured for the retail-led development. It is due for practical completion in 2014.
Development Securities said that tenant interest is already strong, given the current lack of modern retail space in Lichfield.
The jv is in early discussions with a number of occupiers and will look to secure a funding partner in due course.
Matthew Weiner, executive director at Development Securities, said: “This latest acquisition is part of our continued approach of combining our asset management expertise and cash resources to realise the value of quality assets through strategic development.
“The Lichfield scheme is a high-profile, retail-led regeneration project, which complements our track record of completing large scale, complex city centre developments with like-minded joint venture partners.”
David Clancy, director, S Harrison Developments, added: “The timing of this joint venture agreement couldn’t be better. Market conditions are right and there is growing interest in prime schemes from investors. In addition, retailers with currently limited opportunities are keen to be represented in prime shopping centres such as Friarsgate.”
annabel.dixon@estatesgazette.com
To access all EGi
news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.
