REIT Asset Management has been granted planning permission to upgrade and extend the 425,000 sq ft (39,480 sq m) Lord Square shopping centre in Blackburn, Lancashire on behalf of the Blackburn Centre Limited Partnership.
The£15 million scheme will involve the creation of 160,000 sq ft (14,865 sq m) of retail space, including five large store units and 10 smaller units. Construction is expected to begin before the end of this year, with completion due in spring 2006.
REIT Asset Management partner Martin Sheppard said: 'We purchased Lord Square just more than six months ago, with the aim of transforming it into a regional retail destination. The planning consent is a major milestone and will now enable us to move forward with the long-overdue redevelopment.'
Churston Heard and DTZ Debenham Tie Leung are letting agents.