THERE has been another twist in the tale of the Power Court site in Luton town centre, with the announcement that a major stake in the site has been sold.
Irish property developer Ballymore, believed to have owned a stake of up to 40 per cent in the site, has sold its share to London-based property investors British Land.
Ballymore had intended to invest £200 million to create a ‘high quality mixed-use retail and leisure development’, which would have included shops, restaurants, cafes and parking.
It submitted plans to Luton Borough Council, which is also a part-owner of the site, in 2005 for a 55,000 sq ft retail development with 200 homes, but according to the council’s website the plans are still ‘pending consideration’.
Ballymore said the development would be a ‘major contribution to the regeneration of the town’.
A spokesman for British Land said the firm had agreed to ‘purchase a 20 acre retail development site in Luton’, but would not say what the price tag was.
An article on the Estates Gazette website quoted Luton Borough Council’s head of environment and regeneration, Colin Chick, as saying: ”From our perspective, it is good. British Land is a serious player, cash-rich and with a good understanding of the site, warts and all.
“It is sympathetic to the issues and problems we have raised in the past. We were keen not to see a scheme that was that independent and inward-facing and would suck the life out of the rest of the town centre. British Land is taking a similar view.”