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Grosvenor quits £700m scheme!

October 16th, 2009

Preston’ £700 million Tithebarn scheme has lost joint-developer Grosvenor, which has cited a change of construction strategy as reason for the pull-out.

Spokesman John Irvine said: “Following a strategic review, Grosvenor is refocusing its development activity on building a larger portfolio of medium-sized, retail, residential, and mixed-used projects rather than concentrating on a few large, long-term, city centre regeneration schemes.

“We were determined to see the Tithebarn scheme through to planning consent, which was approved recently, and we wish Lend Lease and Preston City Council every success.”

After the 37-acre development got the go-ahead from council planners in July, progress was delayed in September when it was called in for public inquiry.

Partner Lend Lease insists that the scheme will still go ahead. Spokesman Richard Coppell said: “We wish to continue working with Preston City Council, and believe in the potential of both Preston and the Tithebarn scheme.”

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