The developer has acquired the 2.3 acre Canal Corridor North site in Lancaster city centre, which includes the former Mitchell’s of Lancaster brewery.
A development agreement is also in place with Lancaster City Council for the acquisition of adjoining land to enable the delivery of a significant canal-side, mixed-use scheme across a 10 acre site.
Head of retail development Richard Wise 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.
“We are confident that a relatively modest initial investment could lead to a future development with a targeted end value of over £75 million.”