LONDON (Alliance News) - LXB Retail Properties PLC Friday said it has received further pre-lets in some of its investment properties as well as planning consent for its first Living Villages project.
The real estate investment company, which focuses on retail assets, said the Banbury Gateway property in Oxfordshire is almost fully pre-let following recent lettings to retailers New Look and Mountain Warehouse. Only one unit remains and discussions with potential occupiers are ongoing, LXB said.
Marks and Spencer Group PLC, River Island, and many other retailers are already open, the company said, adding that all other stores will be open by the end of November apart from Next PLC and New Look which will open in February.
The group expects to sign all leases and finalise all other matters before the end of 2015, at which time it will need to pay a final payment under the terms of its contract with The Crown Estate. The final receipt is expected to be around GBP1.4 million more than previously anticipated.
Meanwhile, LXB recently exchanged pre-letting contracts with Wilko Retail at Biggleswade in Bedfordshire, taking aggregate lettings to 92% of the available ground floor space. It said there is good interest in the remaining three units and is confident it will complete exchanges in spring 2016.
At Rushden in Northamptonshire, LXB said it has exchanged further pre-lets with Jigsaw, Phase Eight and L'Occitane following the successful completion of pre-lettings to Marks and Spencer, House of Fraser, Primark, H&M and Costa Coffee.
The group plans to increase the leisure offer at Rushden Lakes, recently exchanging contracts with Cineworld for a pre-let of a 12-screen multiplex.
Contracts have also been exchanged to let a retail unit at Neatscourt Retail Park to The Original Factory Shop on the Isle of Sheppey, with discussions being held in respect of the remaining two units, while an application for the pre-let of a six-screen multiplex cinema at Stafford in the West Midlands has been submitted.
"We have seen some excellent progress on letting up the remaining space across the group's retail property investments and I hope there will be more news to report shortly," Chief Executive Tim Walton said in a statement.
LXB added that it recently received planning permission from Cornwall Council for the Higher Newham Farm proposals in Truro in partnership with Living Villages. The proposal includes 155 new homes, a community hub, a restaurant and cookery school to be operated by the Cornwall Food Foundation, and a community farm and educational facility which will be run by Duchy College.
"We are particularly delighted to have finally secured the group's first Living Villages planning permission (subject to the Section 106 Agreement). The proposals show that it is possible to deliver new homes in beautiful locations in innovative ways which can attract the overwhelming support of local people and make a major positive contribution to local communities," Walton said.
Shares in LXB were trading down 0.8% at 91.75 pence Friday morning.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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