Dev Secs and S Harrison to develop Friarsgate in Lichfield

Development Securities is going into partnership with S Harrison Developments to develop the Friarsgate Shopping Centre in Lichfield.

The listed company announced today that the 50:50 partnership would develop the retail-led scheme encompassing around 395,000 sq ft, which will also include hotel, cinema, office and residential uses as well as multi-storey parking, and which is due for practical completion in 2014.

Lichfield District Council has given planning consent to the scheme, which Development Securities says will provide “significant new prime retail space within the city”. The company noted that tenant interest was already strong, given the current lack of modern retail space in Lichfield. The two partners are in early talks with several occupiers, and are seeking a funding partner for the development.

David Clancy, director at S Harrison Developments, said investors were showing growing interest in prime schemes, while retailers with currently limited opportunities were keen to be represented in prime shopping centres such as Friarsgate.