12 Jan 2012 12:16
For immediate release 12 January 2012
LXB Retail Properties Plc
Foodstore Led Acquisition at Kingsmead, Stafford
LXB Retail Properties Plc ('LXB' or the 'Company'), the real estate investment company, announces that it has exchanged contracts on an option to acquire 8 acres of land, which is currently being used as a surface car park, at Kingsmead, on the north-eastern edge of Stafford town centre. LXB has acquired the option from Stafford Borough Council and Staffordshire County Council on a subject to planning basis with an option value of £16.9m. LXB has also signed an Agreement for Lease with Morrisons, which is to take a 25 year lease of a new 71,500 sq ft foodstore on the majority of the site. This is also conditional on securing an appropriate planning consent.
A planning application for a 71,500 sq ft foodstore, 14,000 sq ft of associated retail and 460 car parking spaces on the Kingsmead site was submitted in November 2011 and the application is due to go to the planning committee in early 2012.
The acquisition of the Kingsmead option forms part of LXB's wider development plans within Stafford, which include the development of a retail scheme (of just under 200,000 sq ft) on the Company's Riverside/Bridge Street site for which a planning application was also submitted in November.
Commenting on the acquisition and the progress at Stafford, Tim Walton CEO of LXB Manager LLP said:
"We are delighted to have acquired this option on a highly prominent site on the edge of Stafford town centre for the Company and, of course, to achieve LXB's third major pre-let to Morrisons. The potential development of the Kingsmead site and the progress being made with the Riverside/Bridge Street development indicates LXB's continuing commitment to substantially enhance the existing retail facilities in Stafford town centre and to bring the retail offer which a town of Stafford's regional importance merits."
Leader of Stafford Borough Council, Mike Heenan said:
"We are delighted to have completed the deal with LXB and are very happy to welcome Morrisons to Stafford. LXB's investment in Stafford will give a huge boost to the Stafford economy and provide residents with much improved retail and leisure facility"
Morrisons Development Executive, Richard Bakes, said:
"This is a great opportunity for Morrisons as well as Stafford. We operate at the heart of many communities and are looking forward to bringing our range of fresh food, excellent service and great value to the town. Our professional team is already working with LXB to deliver a new store that will benefit locals and complement the town centre."
For further information please contact:
LXB Manager LLP Tel: 020 7432 7900
Tim Walton, CEO
Brendan O'Grady, FD
Buchanan Tel: 020 7466 5000
Charles Ryland/Nicola Cronk