A developer has sold its stake in the proposed Friarsgate project in Lichfield.
The £100million scheme designed to transform Lichfield city centre is set to include shops, bars, restaurants and a cinema.
However, S Harrison Developments Ltd have now sold their 50 per cent stake to partner Development Securities PLC.
“We are committed to delivering Friarsgate, a scheme with significant appeal for retailers and leisure operators, in spite of the prolonged adverse market conditions,” said Matthew Weiner, director at Developmnt Securities.
“We look forward to a renewed focus on attracting good brands to Friarsgate and delivering a scheme which positively impacts on Lichfield.”
Lichfield District Council insisted the sale would not impact on the delivery of the controversial Friarsgate scheme.
Leader Mike Wilcox said: “We are keen Lichfield city remains high on the agenda of businesses looking to invest.
“We will be working with Development Securities to understand how the proposed changes to the Friarsgate development partnership can help to drive forward the ongoing revitalisation of Lichfield City centre.”
Yorkshire-based S Harrison will continue to work on the Friary Outer scheme which is currently progressing in the city.
The firm’s director David Clancy added: “Our business has recently shifted its focus from this sector, and it makes sense for Development Securities to take the scheme forward to delivery.
“The company is well resourced, very experienced in this sector and absolutely focused on seeing the scheme through to fruition. We wish them well.”
