British Land has announced it has acquired the 2.3 acre Canal Corridor North site in Lancaster city centre.

The land includes the former Mitchell's of Lancaster brewery.

A development agreement is also in place with Lancaster City Council for the acquisition of its adjoining land to enable the delivery of a significant canal-side, mixed-use scheme across a 10 acre site.

Bound to the east by the Lancaster Canal and with two working theatres, the site, which is next to the city centre, provides the only real opportunity to significantly improve the city's retail offer.

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Richard Wise, Head of Retail Development for British Land, 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."

(CD/GK)