THE flagship office block at the heart of Blackburn’s Cathedral Quarter has been bought for £9.1million by global investment giant Legal and General.

The firm paid the highest price ever for commercial property in the town in a major boost to the £33million development.

With it’s new owners now in place, ‘One Cathedral Square’ is now set to bring more than 300 highly-paid professional jobs to Blackburn.

The purchase of of the 32,000 square foot six-storey building six months before completion has been hailed as a vote of confidence in the town centre redevelopment.

As well attracting businesses and white-collar jobs from Manchester, the office block sale promises to bring a healthy annual cash return to hard-pressed Blackburn with Darwen Council which took a 25-year ‘head lease’ on the space to get the scheme off the ground.

It also raised hopes that the second office block, due for completion by the end of next year, will get the final go-ahead.

The news comes as the glass panels on the 60-bed hotel, leased to Premier Inns are slotted in place, and the superstructure of the £6million Clergy Court rises beside the Cathedral.

Dean of Blackburn Christopher Armstrong said:”This is a massive vote of confidence in our town centre. These are exciting times.”

Local MP Jack Straw said: “This is great news - a huge vote of confidence by a hard-headed global property giant.”

The price paid by London-based Legal and General of £284 per square foot doubles the normal cost of office space in Blackburn.

The £9.1million total sum is half the £18million cost of the planned two office blocks and hotel being built by Eric Wright Construction and its subsidiary Maple Grove Developments.

The sale was handled by commercial estate agents Knight Frank who will let the offices with Blackburn’s Trevor Dawson and Co.

Legal and General property boss Adam Kerr said: “Forming a key element of the major regeneration of Blackburn town centre, sitting at the heart of the new interchange with the bus station, rail station and Cathedral, we believe that this Grade A office building will become an important hub for business in the region.”

Knight Franks Northern Regional partner Henrie Westlake said: “This development should bring 320 highly-paid professional jobs to Blackburn which would otherwise go to Manchester.

“We are confident we can let the space in three to six units at a market rent higher than the lease the council took to allow this scheme to go ahead.

“This should generate a significant annual return for the borough, which has been fantastic throughout.

“The Cathedral Quarter development will transform the town centre and provide an unrivalled business environment in a step change for Blackburn.

“The purchase of the completed development by Legal and General for the highest price ever achieved in the town, highlights the confidence of global investors in Blackburn.”

Borough finance boss Andy Kay said: “Legal and General’s first acquisition in Blackburn town centre demonstrates the sustained investment is paying dividends.

“The location of this stunning office in the setting of Lancashire’s Cathedral will make it one of the most prestigious business addresses in the region.

“It will bring an annual return to the council at a time its is hard-pressed financially.”

Maple Grove director Andrew Dewhurst said: “One Cathedral Square will be the first Grade A office building completed in Blackburn town centre for 20 years.

“Sited between the cathedral and railway station, the building will give occupiers the chance to re-locate into modern, efficient office space.

“The transformation the town centre is becoming a reality as building works advance at a pace.”

Council Tory Group leader Mike Lee said: “This is good news and we now want to see it translated to new professional jobs for the borough. That will be really good news.”