20 Sep 2011 07:00
For immediate release 20 September 2011
LXB Retail Properties Plc
Planning Consent Achieved at Neats Court on Isle of Sheppey
LXB Retail Properties Plc ("LXB") the real estate investment company announces that it has obtained a resolution to grant planning permission for its Neats Court retail and mixed-use development on the Isle of Sheppey. Members at Swale Borough Council have unanimously supported the plans, which comprise a 55,000 sq ft foodstore which has been pre-let to WM Morrison Supermarkets plc, 40,000 sq ft of retail warehousing and a drive-thru restaurant unit together with 80,000 sq ft of light industrial space. 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 17 March 2011 that it had exchanged contracts on a subject to planning basis to acquire the Neats Court development site for £4.127 million and had signed an Agreement for Lease with WM Morrison Supermarkets plc to take a 25 year lease for a new 55,000 sq ft foodstore on part of the site, also conditional on securing an appropriate planning consent. It is expected that construction will start on site on the Morrison's element of the scheme early in 2012.
Neats Court itself comprises a vacant 20 acre employment site located mid way between Sheerness and Sittingbourne and forms part of a wider regeneration programme known as the Queenborough and Rushenden Masterplan. A new link road is currently under construction to serve Neats Court and the wider Masterplan area.
Commenting on the good progress at Neats Court, Tim Walton CEO of LXB Manager LLP said:
'We are delighted with this positive news and we are looking forward to delivering a new store for Morrison's on the Isle of Sheppey. In terms of the retail warehousing, we are in discussion with a number of target retailers and we are encouraged by the level of interest so far. With a population of 40,000, the Isle of Sheppey is currently under-provided for in retail terms and we believe our proposals will strengthen and consolidate the current offer. Local support has been overwhelmingly positive which is undoubtedly a reflection of the scheme's significant benefits which will include job creation, the claw back of trade which is currently being lost off the island to Sittingbourne and the development of a key regeneration site.
It is pleasing to have secured this first major planning consent. LXB has a number of other applications pending and I expect further positive news on planning in the months ahead.'
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/Nicola Cronk