17 Mar 2011 07:00
For Immediate release 17 March 2011
LXB Retail Properties Plc
Foodstore Led Acquisition At Neats Court Site On
Isle Of Sheppey
And
Additional Planning Permission At Biggleswade
Foodstore led acquisition
LXB Retail Properties Plc ("LXB") the real estate investment company announces that it has exchanged contracts on a subject to planning basis with The Crown Estate to acquire 20 acres of the Neats Court development site on the Isle of Sheppey for £4.127 million. LXB has also signed an Agreement for Lease with WM Morrison Supermarkets plc which is to take a 25 year lease for a new 55,000 sq ft foodstore on part of the site. This is also conditional on securing an appropriate planning consent.
Neats Court forms part of a wider regeneration programme being promoted by The Crown Estate and the South East England Development Agency (SEEDA) known as the Queenborough and Rushenden Masterplan. On completion, the Masterplan will include up to 2,000 new homes, over one million sq ft of employment space, education, health / community uses and a new 180 berth marina.
LXB has been working with both SEEDA and Swale Borough Council to progress a mixed use development of the Neats Court site which will comprise a 55,000 sq ft foodstore, 35,000 sq ft of non-food retail warehousing, a drive through restaurant, a family public house and approximately 70,000 sq ft of employment space. LXB intend to submit a planning application for the Neats Court site in March.
Nick Harper, Head of Asset Management and Development at The Crown Estate said,
"By working in partnership with SEEDA and companies such as LXB, we are delighted to bring new employment to the area and to be able to offer new development sites and opportunities for investment. The completion of the new bridge onto the island has opened up the area and helped Neats Court to establish itself as a high quality business destination."
Additional planning permission at Biggleswade
In addition, LXB is pleased to announce that significant progress has been achieved at Biggleswade with the securing of planning permission for 40,000 sq ft of mezzanine planning consents on two existing units on their retail warehouse scheme at London Road Biggleswade, London. The first has the benefit of an unrestricted open A1 non food use and the second is for bulky goods.
LXB's site at Biggleswade now has the benefit of planning permission for 300,000 sq ft of retail space, 250,000 of which is open A1.
Commenting on the acquisition and the progress at Biggleswade Tim Walton, CEO of LXB Manager LLP, said;
"We are delighted to have concluded LXB's third major acquisition since IPO and our first major pre-let to WM Morrison Supermarkets plc. The scheme will fill a major gap in the retail provision of the Isle of Sheppey which has a population of over 40,000 and which sees significant retail spend being lost to Sittingbourne and beyond. We continue to see new off market opportunities and look forward to securing more of these in the future."
"The good news regarding Biggleswade is an important milestone in the strategy to secure planning permission to enable a comprehensive redevelopment of this 15 acre estate, much of which is currently in a dilapidated condition and does not meet the demands of many retailers' modern formats. It is anticipated that a planning application for the site's redevelopment will be submitted in the middle of this year."
For further information please contact:
LXB Manager LLP Tel: 020 7432 7900
Tim Walton, CEO
Brendan O'Grady, FD
Buchanan Communications Tel: 020 7466 5000
Charles Ryland / Suzanne Brocks