British Land buys key Lancaster site

LONDON property group British Land has acquired the 2.3-acre Canal Corridor North site in Lancaster city centre, which includes the former Mitchell’s brewery.  

It has also struck an agreement with the city council to buy adjoining land, giving it a 10-acre site for a “significant canal-side, mixed-use scheme.”

In a stock market statement British Land said it would be working with English Heritage and the council to deliver the scheme.

The value of the deal was not disclosed but it was described by the firm as a “modest investment” that could deliver a development with a value of more than £75m.

There was no mention of Centros, the London developer which first announced plans for a mixed-use scheme in the area six years ago and gained approval to extend its development agreement in March. It was expected to submit plans by the end of the year.

Richard Wise, head of retail development for British Land, said: “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.
 
“We are confident that a relatively modest initial investment could lead to a future development with a targeted end value of over £75m.”