Terrace Hill, part of UK developer Urban&Civic, has acquired a major site in the northwest English market town of Burnley for a new leisure-based scheme.
Terrace Hill, part of UK developer Urban&Civic, has acquired a major site in the northwest English market town of Burnley for a new leisure-based scheme.
The site, adjacent to the Charter Walk shopping centre, is currently a car park but has been earmarked for development for a number of years since the former Pioneer Cooperative building was demolished.
According to Andy Lavin, development executive at Terrace Hill, a planning application for the site will be submitted by the end of the year, and it is anticipated that the final designs totalling 4,000 m2 will include space for six restaurants and a coffee shop in addition to a new nine-screen cinema and 287 parking spaces.
This latest acquisition by Terrace Hill follows the purchase and planned redevelopment in Darlington, where construction will start next month.
Terrace Hill plans to deliver the project by summer 2016.
Retail agents Brady & Co and Trevor Dawson have been appointed to market the scheme to leisure and restaurant occupiers.
Urban&Civic was formed by the combination of Urban&Civic and Terrace Hill in 2014. The company's listing on the London Stock Exchange was accompanied by a capital raise of £170 mln (€215 mln).
