Lend Lease Confirms Joint Venture With Grosvenor

Australian property developer Lend Lease has announced that it has formed a joint venture with Grosvenor Group Ltd to jointly develop and manage a 28-acre development site in Preston, worth an estimated £700 million.

The 'Tithebarn regeneration scheme' in Preston, includes 1.1 million square feet (102,193 square metres) of retail, catering, leisure and commercial space and 400,000 square feet (37,161 square metres) of residential accommodation.

"Tithebarn lies at the heart of an affluent and attractive town with a strong demographic profile, but one which has been historically under served in retail and residential terms," Lend Lease Europe chairman Nigel Hugill said.

The latest deal comes after a string of other high profile UK projects secured by Lend Lease, including the regeneration of London's Elephant & Castle, and the selection as the preferred development partner for the Olympic Village at Stratford City.

Grosvenor has already completed a Development Agreement with the Local Authority which anticipates a Planning Application in 2008. Construction is expected to start in 2010, with completion forecast in 2013.