UK real estate investment trust Land Securities has sold the Coppergate shopping centre in York to LaSalle Investment Management. The investment amount is said to be around £43 mln (EUR 57 mln). LaSalle has appointed regeneration specialists Centros to develop a long-awaited second phase of the 200,000 sq ft (18,580 m2) scheme. Plans by Land Securities to redevelop the land adjacent to the mall were halted after a public inquiry in 2003.
UK real estate investment trust Land Securities has sold the Coppergate shopping centre in York to LaSalle Investment Management. The investment amount is said to be around £43 mln (EUR 57 mln). LaSalle has appointed regeneration specialists Centros to develop a long-awaited second phase of the 200,000 sq ft (18,580 m2) scheme. Plans by Land Securities to redevelop the land adjacent to the mall were halted after a public inquiry in 2003.
Centros has begun discussions with York City Council with regards to the development, which should deliver a mixed use scheme to the town. Richard Wise, chief executive of Centros, said: 'York needs a sensitive and well-designed scheme to retain and enhance its appeal to tourists and shoppers. Redevelopment of the collection of sites adjoining Coppergate will provide an opportunity for new retail units, restaurants and quality homes, all in a historic riverside setting overlooking Clifford's Tower.'
