LONDON (Alliance News) - LXB Retail Properties PLC Monday said planning permission for its 494,329-square-foot of retail and leisure project at Rushden Lakes, Northamptonshire is now beyond challenge, and it now hopes to secure additional pre-lets at the site.
In June, the Secretary of State Eric Prickles announced his decision to support the Panning Inspector's recommendation to uphold the planning permission, and the six week period for further challenges under judicial review procedures has now expired with no such challenges being made.
This concludes a planning process which commenced with East Northamptonshire Council's resolution to grant panning persimmon October 2012 and included a three-week Public Inquiry in July 2013.
The development was opposed by Northampton Borough Council, with some arguing it could have a negative impact on the surrounding town and compete with, rather than complement, the high street.
LXB said detailed discussions are now under way with the local planning authority and other statutory bodies to discharge the planning conditions. Pre-lets are already in place with fashion retailer Marks and Spencer Group PLC and with coffee chain Costa, owned by Whitbread PLC, the company said, and further significant retail and restaurant interest has been received since the Secretary of State's decision was announced.
The group hopes to have secured all the pre-lets necessary in the coming months so that a start can be made on site early in 2015. It is anticipated that the first phase of Rushden Lakes will be open by May 2016.
LXB said it expects that the resolution of the planning position at Rushden Lakes will have a significant impact on the investment's valuation as at September 30.
The company also said it has made progress with a number of other developments, including its mixed-use scheme in Ayr, Scotland.
In June, South Ayrshire Council granted planning permission in principle for a 101,000 square foot foodstore, 750 new homes, a new primary school, and a neighbourhood centre in the Scottish town.
LXB now hopes to conclude negotiations on the S75 agreement within the next four months. Section 75 refers primarily to the increase in the value of land which results from planning permission being granted for that land.
LXB shares were quoted up 1.0% at 130.25 pence Monday morning.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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