DevSec and Harrison sound out occupiers

Development Securities and S Harrison Developments are in early talks with several occupiers for their new joint venture to develop the Friarsgate Shopping Centre, in Lichfield.

The partners hope to secure a funding partner “in due course”.

The 395,000 sq ft scheme will include shopping, hotel, cinema, office and residential as well as multi-storey parking. Negotiations between S Harrison and DevSec began last year with the backing of Lichfield District Council. The £100m development is scheduled for practical completion in 2014.

The retail-led development has strong support from Lichfield District Council with planning consent and CPO position secured and will provide significant new prime retail space within the City and tenant interest is already said to be strong given the current lack of modern retail space in Lichfield.

David Clancy, director, of 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.”