26 Mar 2012 07:00
For immediate release 26 March 2012
LXB Retail Properties Plc
Planning Consent Achieved at Banbury Gateway, Wildmere Road, Banbury
LXB Retail Properties Plc ("LXB") the real estate investment company announces that it has obtained a resolution to grant planning permission for the construction of the Banbury Gateway Retail Park, at Wildmere Road on the northern edge of Banbury. Members at Cherwell District Council have supported the plans, which involve demolishing the existing buildings on the site and redeveloping it to create a 295,000 sq ft shopping park. The retail park will comprise 10 retail and 3 restaurant/cafe units, including a 100,000 sq ft anchor store which has been pre-let to Marks & Spencer plc for a 20 year lease. The resolution to grant is subject to a number of the usual planning and construction conditions and the signing of a S.106 agreement.
This follows LXB's announcement on 22 September 2011 that it had exchanged contracts, on a subject to planning basis, to acquire the Prodrive site in Banbury. LXB's purchase will also facilitate Prodrive's relocation to the much larger and more suitable Hella manufacturing site (the Hella site) within Banbury, which was acquired by LXB in August 2011. Prodrive will acquire the Hella site from LXB on completion of LXB's purchase of the existing Prodrive site. Allowing for Prodrive's relocation, LXB expects to start on site in summer 2013 with Practical Completion in the second quarter of 2014.
The Banbury Gateway site is approximately 12 acres and occupies a prominent 'gateway' position fronting the M40 at junction 11. The development is expected to generate approximately 340 full-time equivalent jobs and will facilitate the retention, in Banbury, of the prestigious and highly regarded Prodrive. Strong interest is already being received from a wide variety of retailers who are looking to secure space within this shopping park.
Commenting on the good progress at Banbury, Tim Walton CEO of LXB Manager LLP said:
'We are very encouraged by this positive news and now look forward to delivering a thriving retail park investment in this prominent Banbury gateway location. We aim to create a destination that will draw shoppers from far afield, as well as increase the number of major retail brands within the town. Both LXB and Prodrive are proud that this partnership is able to contribute towards providing a substantial number of new jobs, particularly during these difficult economic times. Local support has been overwhelmingly positive which is a reflection of the scheme's significant benefits, including both job creation and the retention of the iconic and highly regarded Prodrive within the town.'
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