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."
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.
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"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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