Blackpool's leading shopping centre has changed hands again in a multi-million pound deal.

Manchester based property developer, Modus Properties, has paid London-based Academy Land Ltd £65 million to buy the centre, currently in the midst of its biggest ever redevelopment.

Brendan Flood, managing director of Modus Properties, said: "Blackpool is a large conurbation with a great tourist loyalty.

"The town will see a major benefit from the new public and private investment being made over the next five years.

"Retailers in the prime location in and around Hounds Hill will enjoy good margin business and we want to be part of this regeneration process.

"Blackpool has an exciting future and as a northern based business we can add to the marketing of the town in an innovative way."

The redevelopment, launched two years ago, will see the size of the centre almost trebled to 300,000 square feet to incorporate a long-awaited new Debenhams store and a series of other retail outlets.

Blackpool Council has yet to determine a planning application from the developers which would add a 63 bedroom hotel and extra parking on top of the extension.

Work to clear the site of the £30 million extension is already ongoing and the new owners say they expect building work to get under way in around three months.

Academy Land first bought Hounds Hill from former owners, Pearl Assurance, in a £35 million deal in 2002.

Former in 1991, Modus began as a retail property developer but now has a national portfolio of properties.

Recent developments include new shopping centres in the Lancashire towns of Nelson and Southport.