Property company Land Securities is dumping plans, drawn up by Benoy, to develop the St John’s shopping centre in Liverpool, it has been revealed
Group bosses said the ‘challenging’ economic environment meant retailers would be unable to support the £100 million scheme.
The initiative would have seen the exterior of the building redesigned, as well as an extension to the Williamson Square building.
Work on the cancelled project was initially scheduled to begin this year.
A spokesman said the company would now focus on small-scale improvements and internal renovation to St Johns and the adjacent Clayton Square shopping centres.
‘With Liverpool unlikely to be able to support our original proposal we will begin discussions with the Liverpool City Council and our retailers, including the popular market, to look at what improvements we can make in both centres and how quickly we can deliver this investment,’ portfolio manager James Larmuth explained.
The news comes after Land Securities returned to growth with pre-tax profits of £1.07 billion for the year to the end of March - a significant turnaround from the £4.77 billion loss posted in 2009.