Bradford's flagship Rawson Exchange shopping centre has been sold - just weeks before it is due to open.

It is the third time the development has changed hands in five years and is the latest stage in a project which has been dogged with problems since the 1990s.

The sale comes as contractors put the final touches to the long-awaited development on the site of the former historic Rawson Market.

The development was reported as costing £12 million when it was bought by Manchester-based Modus Properties about two years ago. Today Modus revealed it had been sold to London retail investment company Threadneedle, acting for Allied Dunbar assurance PLC, for £12.1 million.

Marc Cole operations director for Bradford Centre Regener-ation - the joint venture company spearheading the rebirth of the city - was surprised when told by the Telegraph & Argus that the site had changed hands again. "I will be looking into it," he said.

The area is a key part of the city-centre masterplan produced by top architect Will Alsop. Main tenants who have already signed up include Wilkinson and B&M Bargains. Today Modus announced a high- street chain of opticians, Premier Vision, had also joined them. The Rawson Hotel is also being leased in the development and may become housing.

No comment was available from Threadneedle about the effect of the acquisition on the development.

The shopping centre was part of a £161m portfolio of six shopping schemes sold by Modus to different buyers. The others are at Whitley Bay, Nelson, Peterlee, Southport and Glossop.

Brendan Flood, managing director of Modus properties, said: "The sale of these six properties crystallised a number of successes for Modus when tenant occupancy was excellent and regeneration complete."

Plans for a new shopping development on the site have been dogged with problems since the early 1990s.

Bradford Council moved tenants out of the old market hall with the aim of redeveloping it at a cost of £6m. But the authority was hit by funding problems when most of the old building was already demolished and it remained an eyesore.

Keighley-based developer Chartback acquired the site for an £8m shopping scheme. But the company had to go back to the drawing board after costs escalated and Modus bought it.

The development includes nine shops and a glazed colonnade leading to a food pavilion.