The REIT has spent the past decade trying to extend the centre but now it has thrown in the towel. The new owner intends to revive the proposals and it has brought in regeneration specialist Centros to act as development manager for the scheme.

Land Securities bought the 200,000-sq ft 1980s shopping centre from Wimpey Property Holdings in 1991. It provides 20 shops, anchored by Fenwick, M&S and Top Shop/Top Man, and includes the Jorvik Viking Centre. But plans to extend the scheme by a further 290,0000 sq ft encountered resistance and were refused in 2003 after a lengthy public inquiry.

Centros has now opened discussions with York City Council over the possibility of extending the scheme onto adjoining land to create a comprehensive development bounded by Piccadilly, Coppergate and Clifford's Tower. The mixed-use scheme is likely to include retail, leisure and residential uses.

Centros chief executive Richard Wise said: "York needs a sensitive and well designed scheme to retain and enhance its appeal to tourists and shoppers. Redevelopment of the sites adjoining Coppergate will provide an opportunity for new retail units, restaurants and quality homes, all in a historic riverside setting overlooking Clifford's Tower."

CBRE represented LaSalle Investment Management, while Griffiths Eccles acted for Land Securities.

The deal is the first since Delancey, the private property company headed by Jamie Ritblat, bought out Miller Developments' 50 per cent stake in Centros Miller, giving it 100 per cent ownership of the company.

Centros has a £900m development programme to create over 3 million sq ft across the UK.

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