Preston's St John's Centre bought by Land Securities

A shopping centre central to a proposed £700m redevelopment of a Lancashire city has been bought by the UK's largest commercial property company.

St John's Centre in Preston, in the heart of the Tithebarn plan, was bought by Land Securities for more than £5m.

Bert Martin, the company's development director, said: "We are pleased to have bought an asset in a city of the stature of Preston."

He said the firm was looking at how it could enhance the arcade.

Councillor Peter Rankin, leader of Labour-run Preston City Council, said the purchase was "a sign of yet more confidence in the city from investors".

He said: "The Tithebarn area clearly has the potential for future development and we are continuing to work closely with Lend Lease on Tithebarn."

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