Standard Life Investments’ proposed £150m redevelopment of St Marks in Lincoln has received outline planning permission from City of Lincoln Council.
The original planning application was submitted in February, following a successful public consultation in November 2016 when nearly 90% of people who provided feedback said they welcomed the development.
Standard Life Investments will now be able to progress plans to create a more comprehensive and cohesive mixed-use scheme to complement Lincoln’s existing shopping offer and improve the links to the High Street and the University.
The proposals include enhanced retail, new leisure space, better public realm, improved car parking, and a combination of student and residential accommodation.
The consent provides for up to 485,000 sq ft of new retail and leisure space, 150 homes, 1,100 student residences, a 130-bedroom hotel and a 1,100-space car park. The scheme has the potential to generate up to 2,000 new jobs in Lincoln.
David Stewart of Standard Life Investments said: “This is a tremendous outcome and we are thrilled that the council supports our vision for St Marks. Their decision reinforces our conviction that the proposed scheme will be a major boost for Lincoln. It is a significant investment that we are confident will improve the gateway to the city centre.”
The next steps for the project will include developing detailed designs and a timeline for delivery. Once these and other key milestones have been achieved, work could potentially begin in 2020, with the full scheme being completed by the end of 2023 or early 2024.
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