Development Securities buys half stake in Lichfield scheme
Sunday 20 February 2011
Listed property company Development Securities is investing part of the £100m it raised last year in a retail scheme in Lichfield. It is buying a 50 per cent stake in a £100m stalled retail development in the Staffordshire city.
It has agreed to fund the development of the 400,000 sq ft retail, residential and office scheme in the city centre and will work with the current owner, Harrison Developments, to open the scheme within three years.
Michael Marx, the chief executive of Development Securities, said: "This is evidence there is still life outside London. We truly believe opportunities exist outside the capital and the rest of the country is not dead. Most of our equity in the past year has been invested outside of London."
Strutt and Parker's latest development update found that 2012 will be the first time in 40 years that no new shopping centres will open in Britain.
Nick Young, a partner at Strutt & Parker, said "The appetite for new space by retailers is still strong. Some may be forced to pay high rents or accept lower incentives to secure new stores. Without an increase in rental payments and commitments from retailers the retail schemes being planned might not be viable."
- 3 Alton Towers crash: Four seriously injured and 16 guests trapped as Smiler ride carriages collide
- 4 Ann Summers survey reveals the UK's favourite sex position
Man on naked bike ride gets ejected after becoming aroused
Caitlyn Jenner's mother Ester thought her daughter, formerly known as Bruce Jenner, had transitioned for money
Charles Kennedy 1959-2015: A gifted, compassionate politician whose career was cut short by the 'demon drink' - latest news
Alton Towers crash: Four seriously injured and 16 guests trapped as Smiler ride carriages collide
Charles Kennedy dead: A guy once asked the Lib Dem leader who his favourite Muppet was and his letter response was wonderful
Thousands of teenage girls enduring debilitating illnesses after routine school cancer vaccination
Migrants in Kos: Photos show real tragedy after Brits abroad complain of 'awkward' holidays
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
Michael Gove determined to scrap the Human Rights Act – even if Scotland retains it
Threat to scrap Human Rights Act could see UK follow Nazi example, warns UN official
Church of England 'one generation away from extinction' after dramatic loss of followers
iJobs Money & Business
£30000 - £35000 per annum: Recruitment Genius: The UK's fastest growing, multi...
£70000 - £90000 per annum: Recruitment Genius: A Financial Reporting Manager i...
£23000 - £25000 per annum: Recruitment Genius: They win lots of awards for the...
£13500 - £20000 per annum: Recruitment Genius: This nationwide enforcement com...