Preston’s £700m Tithebarn scheme abandoned
Lend Lease's planned £700m Tithebarn regeneration scheme for Preston city centre has been abandoned after anchor tenant John Lewis pulled out of the project.
A council spokesman said the scheme was "no longer financially viable and will not now be going ahead in its current form".
The retailer’s decision to withdraw means that the Tithebarn scheme that was originally proposed at a time of significant economic growth, is not now deliveranble.
The council now plans to developer a smaller scheme.
Councillor Peter Rankin, leader of Preston City Council, said: “We are in the middle of one of the worst economic and financial situations since the 1930’s and it is now clear that the large scale comprehensive Tithebarn scheme, that received planning permission as originally proposed, is financially unviable. The world has simply changed and we have to move on and be realistic about what can be achieved.
“Our aim though is to still re-generate the Tithebarn area of the city. Our development partner Lend Lease is working with us to rethink the proposals for Preston city centre, and together we are exploring how best to achieve the city’s ambitions to offer a wider range of quality shopping, more leisure and mixed use of the city centre, including new offices and homes.”