Development Securities has revealed that it has entered into a joint venture partnership with S Harrison Developments to drive forward the £100m Friarsgate scheme in Lichfield.

The 395,000sq ft (36,697sq m) mixed-use development is set to comprise a hotel; a cinema; and office space, along with retail and residential units. It is due to be completed in 2014. Lichfield District Council has already awarded planning permission for the scheme, with the partnership in early talks with potential tenants and to seek a funding partner in due course.

S Harrison Developments director David Clancy said: "The timing of the JV agreement couldn't be better.Market conditions are right and there is growing interest in prime schemes from investors." Development Securities director Bradley Cassels added: "We are confident that we can deliver a prime retail asset that enhances the city's retail offer, revitalises the Birmingham Road area and ultimately meets the needs of the local community."