£95m Lichfield scheme given go-ahead - commercial mortgages

23 January 2007

The Lichfield District Council has given a £95 million retail property development scheme planning permission.

Construction of the Friarsgate project, which will include 400,000 sq ft of property, will be undertaken by Yorkshire-based firm S Harrison Group, Property Week reports.

The plans had been submitted to secretary of state for communities Ruth Kelly, but the council agreed to grant planning permission when she deemed it unnecessary to intervene.

Commenting on the development, David Clancy, director at the firm, said: "Even before planning was granted we had tremendous interest from high street brand leaders looking to gain a foothold in the city."

Investors considering commercial mortgages may benefit from the scheme, which will also see the construction of a cinema, a hotel, restaurants, offices and a car park.

Debenhams recently confirmed that it intends to occupy a 65,000 sq ft two-storey section of the development, in what Rob Hadfield, acquisitions manager at the retailer, described as an "attractive proposition".