Centros has submitted a planning application for a £150m mixed-use development in Lancaster.

The Canal Corridor North development plans to extend and rejuvenate Lancaster city centre. The focus of the development will be 40 new shops, cafes and restaurants covering 499,000 sq ft of retail space. This will include a 97,500 sq ft Debenhams store and the development hopes to promote local retailers as well by providing smaller retail spaces. Centros has included 179 homes in its plan for Canal Corridor North of which 25% will be affordable.

The development will also include an 800 space multi-level car park, a new premises for Lancaster’s Musicians Co-operative, improvements to the Grand Theatre and a £3m investment in improving the surrounding road network. If plans are approved later this year the development is set to complete in 2012. Centros hopes that the development will be a catalyst for further development in the city and that existing city centre businesses will also benefit from an increased numbers of shoppers.