The Leader of Lichfield District Council believes work on the Friarsgate development could finally get underway.
Cllr Michael Wilcox made his comments after S Harrison Developments Ltd sold a 50 per cent stake in its city centre scheme to Development Securities PLC.
The new £100million scheme will include new shops and leisure provision and work is now expected to start in 2012.
Cllr Wilcox said:
“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.”
David Clancy, director of S Harrison added:
“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.”
