The 400,000 sf development, the biggest in the history of Chester, will include a new 145,000 sf department store, which House of Fraser is tipped to take, and a performing arts centre. Retail units will be provided on two levels and there will also be 35,000 sf of bars and restaurants as well as 100 flats.
The area to be developed stretches from Watergate Street to New Hunter Street and consists of council-occupied offices and the Forum shopping centre, which London & Amsterdam bought from Scottish Widows in 2000.
ING in turn acquired the Forum centre when it took control of London & Amsterdam last summer. The company already had a 50% shareholding in L&A and bought the remainder from chief executive Ian Pearce for an undisclosed sum.
The fund manager is considering setting up an investment product centred on the Northgate development that would attract investors.
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