Council welcomes new partnership
Published on Wednesday, 13th July 2011
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Harrison and Development Securities PLC team up to deliver £100 million Lichfield scheme
On Tueaday 12 July 2011, York-based S Harrison Developments Ltd completed a deal to sell a 50% stake in its Lichfield city centre scheme to Development Securities PLC. The joint venture agreement will speed the delivery of Lichfield's £100 million Friarsgate city centre development and work on the mixed use scheme, which will include new shops and leisure provision is expected to start on site in 2012.
The move highlights the investment appeal of Lichfield in spite of a tough national market. Negotiations between the S Harrison and Development Securities began last year with the backing of Lichfield District Council.
David Clancy, Director, S Harrison said: "The timing of the JV agreement couldn't be better.Market conditions are right and there is growing interest in prime schemes from investors. In addition, retailers with currently limited opportunities are keen to be represented in prime shopping centres such as Friarsgate.
"The new scheme will complement and enhance the existing city centre offer rather than simply replacing existing retail space.It will attract new retailers as well as new shoppers and visitors to the city from neighbouring areas. Demand from occupiers is high and we have had tremendous support from our council partners with planning consent for a high quality retail-led scheme already having been achieved.
"We have considerable experience of working in joint venture with expert developers on schemes of this scale and we are excited to be working with Development Securities PLC. Their involvement has brought added impetus to the programme and will help move the development to its next stage."
Bradley Cassels, Director, Development Securities PLC said: "We have a proven track record of delivering complex development projects on a large scale with like-minded partners such as S Harrison . The project at Lichfield has enormous potential and we look forward to seeing this project through to its completion. With the support of Lichfield District Council, we are confident that we can deliver a prime retail asset that enhances the city's retail offer, revitalises the Birmingham Road area and ultimately meets the needs of the local community."
Councillor Mike Wilcox, Leader of Lichfield District Council, added: "We're delighted this new partnership could mean the development gets underway next year. We're committed to bringing in more shops and leisure opportunities to the city, as well as more jobs. Friarsgate will give our local economy a huge boost, and we are looking forward to it taking shape in the future."