British Land has acquired the 2.3-acre Canal Corridor North site including the former Mitchell’s of Lancaster brewery for the development of a 'significant canal-side, mixed-use scheme'.
British Land has acquired the 2.3-acre Canal Corridor North site including the former Mitchell’s of Lancaster brewery for the development of a 'significant canal-side, mixed-use scheme'.
In a statement, the UK REIT said a development agreement is already in place with Lancaster City Council. The plans envisage a retail scheme across a 10-acre site bound to the east by the Lancaster Canal.
The project has a targeted end value of over £75 mln (EUR 90 mln).
Richard Wise, head of retail development for British Land, said the company intends 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,' he commented.
British Land's current retail pipeline includes the recently announced £90 mln forward funding of the Old Market scheme in Hereford city centre; the extension and refurbishment of Surrey Quays Shopping Centre in Canada Water; and extensions at Fort Kinnaird in Edinburgh and Broughton Shopping Park in Chester. British Land and USS are also appraising opportunities to extend and enhance Eden Walk Shopping Centre in Kingston in which British Land acquired a 50% share in July.
