Dev Secs re-submits Hale Barns plans
RETAIL property giant Development Securities has said that it will submit a planning application for a proposed 65,000 sq ft shopping centre development at Hale Barns by the end of the year.
The London-based company said that it was “making good progress with potential pre-lets” at the mixed-use scheme, where it began working on a partnership with residential property developer Citybranch earlier this year on improving a scheme known as The Square.
Citybranch had received planning approval for the scheme two years ago but it subsequently came under opposition locally for being too big and out of character with the area.
Develepment Securities showed off plans in July for a smaller scheme which would contain 24 apartments, along with space for up to 10 retail units. The plans also include a foodstore with café, which would both be operated by family-owned Preston-based independent Booths.
If the new appication is approved, the firm hopes to start work on the development next year with a view to the scheme being opened during 2012.
It also added that it had agreed a new funding deal with Patron Capital which will allow it to embark on an upgrade at the Manchester Evening News arena, which it bought for £62.2m in June.
“We are actively progressing our asset management programme for this property,” the company said in a statement to the stock exchange.
It also said that negotiations for a new naming rights deal for the 15,000-capacity arena were “well in hand”. A five-year deal with the Manchester Evening News expired in March this year but a temporary six-month extension was subsequently granted.
