Standard Life has played down speculation that a redevelopment of Blackburns Lord Square shopping centre is imminent.
The move follows claims by Blackburn council that the centre had become a “major development opportunity” as part of a wider town centre regeneration strategy.
Mike Hannagian, retail investment director at Standard Life Investments, said: “We are not saying we will never redevelop, but in the current market it is not viable. We have been talking to the council over the last couple of years, but we have now told the council that we cannot find a viable route to redevelopment at the current time. Rather than spend more time looking for such an option, we are going to focus on letting the existing space.”
EGi News 25/04/01
