Land Securities buys St John’s Centre

LAND Securities has bought the St John’s Centre in Preston in a £5m-plus deal.

The centre, which is within the are proposed to be redeveloped as part of the £700m Tithebarn shopping centre project, was sold for £5.39m by former Tithebarn development partner Grosvenor.

Grosvenor withdrew its involvement from the £700m Tithebarn retail scheme two years ago, which was a joint venture with developer Lend Lease. Lend Lease has since continued with the project on its own and has worked alongside Preston City Council to get the theme through a public inquiry and through several other legal challenges.

Land Securities has said that it is now looking at ways in which it could improve the centre.