17th Nov 2005 07:00
Development Securities PLC17 November 2005 17 November 2005 DEVELOPMENT SECURITIES PLC JOINT VENTURE SELECTED AS DEVELOPER FOR LUNESIDE EAST, LANCASTER Development Securities PLC announces today that Lancaster City Council hasappointed the Development Securities and Manchester-based developer CTP Ltdjoint venture as lead developers for the Luneside East site. Luneside East is a6.5 hectare brownfield site on Lancaster's River Lune waterfront. The joint venture set up by Development Securities and CTP will acquire a longleasehold interest of the land following its compulsory acquisition by LancasterCity Council. The redevelopment will include approximately 350 new homes, 8,000sq m of new offices, a hotel and some retail and hospitality outlets. Work onsite is scheduled to commence at the end of 2006. Lancaster City Council secured funding for this regeneration project fromEnglish Partnerships, the Northwest Regional Development Agency and the EuropeanRegional Development Fund. Matthew Weiner, Director at Development Securities, said: "Regenerating this largely derelict and significantly contaminated land into asite with offices, shops and houses is a perfect project for the mix of theskills that we share with CTP. The joint venture will seek to work in partnership with residential developersand institutional partners to ensure appropriate allocation of risk return. Following on from City Park, Manchester and Cavendish Walk, Huyton, this is ourthird urban regeneration project outside of London. Further projects of thisnature, particularly working in tandem with local, reputable developmentpartners such as CTP are under active consideration. By way of illustration, Development Securities and CTP have recently beenshortlisted for major regeneration projects in Doncaster and Liverpool. Ourstrategy is to seek projects where we can work together with local stakeholdersto bring forward the transformation of under utilised areas of land. " Enquiries: Matthew WeinerDevelopment Securities 020 7828 4777 Alison HowardThe Communication Group plc 020 7630 1411 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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