Joint venture unveiled for Lichfield scheme
S Harrison Developments has sold a 50 per cent stake in its £100m Lichfield city centre scheme to Development Securities.
York-based S Harrison said the joint venture would "speed the delivery" of the Friarsgate city centre scheme, which will include new shops and leisure facilities.
Negotiations between the S Harrison and Development Securities began last year with the backing of Lichfield District Council.
The 395,000 sq ft development will incorporate retail, hotel, cinema, office and residential uses together with car parking and is due for practical completion in 2014.
S Harrison is also working in Lichfield on a seperate £14m scheme to provide car-parking and affordable housing at Friary Outer.
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."
Work is expected to start on site in 2012.
Harrison was advised on the deal by the Leeds office of law firm Cobbetts.
