Muse Developments' acquisition of the 3.5 acre former Lloyds Banking Group site in Chester has been finalised.

The acquisition will enable the company to move forward with its plans for a new Business Quarter scheme offering 500,000 sq ft of prime office space in the city centre, and the potential to create over 1,000 jobs.

The existing Premier House building will be demolished to make way for the first two phases of the development - two BREEAM Excellent, six storey Grade 'A' office buildings totalling 150,000 sq ft. Development will be complemented by the provision of new public realm works, linking the scheme with Chester Station and the Shropshire Union canal.

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Muse expects to submit a planning application to Cheshire West & Chester Council in early 2012, with construction anticipated to start in 2013.

Development Surveyor Phil Mayall said: "We have worked closely with Lloyds to ensure that the new development complements its campus whilst creating an exciting new business destination for Chester. We feel that the location - with its strong transport links, amenities and close proximity to the historic city centre - will prove attractive to businesses looking for modern, sustainable premises."

(CD)