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British Land buys 2.3-acre site in Lancaster

Real estate investment trust British Land has bought the 2.3-acre Canal Corridor North site in Lancaster and is in talks to acquire the adjoining land to build a canal side, mixed-use scheme across a 10-acre site.

Real estate investment trust British Land has bought the 2.3-acre Canal Corridor North site in Lancaster and is in talks to acquire the adjoining land to build a canal side, mixed-use scheme across a 10-acre site.

The company said that the site, which is close to the city centre, provides the "only real opportunity to significantly improve the city's retail offer."

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Richard Wise, the head of Retail Development for British Land, said: "Working closely with Lancaster City Council and English Heritage, our aim is to deliver a scheme that complements the site's historical setting. 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."

BC

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