UK listed property investment and development company Development Securities has entered into a 50/50 partnership with local builder S Harrison Developments to develop the Friarsgate shopping centre in Lichfield.

The 395,000 sq ft (37,000 m2) scheme will incorporate retail, hotel, cinema, office and residential uses together with multistorey parking and is due for completion in 2014.

The partners said they are in early discussions with a number of occupiers and will look to secure a funding partner in due course.

'The timing of this joint venture agreement couldn’t be better,' said David Clancy, director at S Harrison Developments. 'Market conditions are right and there is growing interest in prime schemes from investors. In addition, retailers with currently limited opportunities are keen to be represented in prime shopping centres such as Friarsgate.'