30 NOVEMBER 2012 : British Land Invests in Lancaster Retail Regeneration
The UK’s largest listed retail landlord, British Land, has acquired the Canal Corridor North site in Lancaster city centre. The land includes the former Mitchell’s brewery.
A development agreement is also in place with Lancaster City Council for the acquisition of its adjoining land to enable the delivery of a significant canal-side, mixed-use scheme across a 10 acre site. The scheme provides the only real opportunity to significantly improve the city’s retail offer.
British Land has appointed Centros as development manager.
The development is set to further enhance the fortunes and overall appeal of the city. It will significantly improve public space, the city’s cultural attractions and retail provision. The scheme will also boost the local economy through the creation of many new jobs and act as a catalyst for attracting further investment.
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.”
Councillor Janice Hanson, Cabinet member with responsibility for regeneration at Lancaster City Council, added: “This investment by British Land is a major coup and a vote of confidence in the future of Lancaster and the district as a whole.
“Along with the other exciting developments at Lancaster Castle and Luneside East, the Canal Corridor North site holds the key to our regeneration and future economic growth. These are exciting times for the Lancaster district and shows we are well placed to build our economy and create jobs for local people."
The next step over the coming months will be detailed discussions with key stakeholders including Lancaster City Council and English Heritage. This will lead to an extensive consultation process with the public.
British Land is one of Europe’s largest real estate companies with 7 million sq ft of high quality offices and around 28 million sq ft of retail space across 82 retail parks, 92 superstores, 13 shopping centres and 9 department stores. The company owns Meadowhall shopping centre in Sheffield and is building the Leadenhall Building, informally called the Cheesegrater because of its distinctive shape, in the City of London.