LXB.L Regulatory News (LXB)

LXB Retail Properties Plc

Planning Success at Rushden Lakes, East Northamptonshire

LXB Retail Properties Plc ('LXB') the real estate investment company announces that East Northamptonshire Council has unanimously resolved to grant planning permission at Rushden Lakes for 465,000 sq ft of mixed use retail and leisure. The resolution to grant is subject to the usual planning and construction conditions and signing of a S.106 Agreement.

LXB announced on 12th May 2011 that it had purchased a 244 acre site alongside the A45 on the edge of Rushden in Northamptonshire for £4.525m. Much of this sizeable landholding forms part of a Site of Special Scientific Interest ('SSSI') but it includes 31 brownfield acres which are developable. The site is situated opposite a Waitrose Food & Home store, a Wickes and a Lidl store. The A45 is the main arterial route between Junction 15 of the M1 at Northampton and the A14/A1 Junction.

The development will comprise a 74,000 sq ft home and garden centre, 340,000 sq ft of retail units across three terraces, a drive-thru restaurant, lakeside visitor centre and restaurants. A hotel, crèche and leisure club will also be included on the site and it is estimated that the combined leisure, tourism and retail offering will attract over 3 million visitors annually.

The SSSI will be integrated with the retail scheme to promote increased 'dwell time' by visitors and the combined retail and leisure destination will include a visitors' centre, a marina and boathouse, footpaths and cycle routes through the SSSI, and access into neighbouring tourist attractions such as Stanwick Lakes. LXB is in discussions with the Wildlife Trust about taking on the long term management of the remainder of the SSSI for future generations. On completion, the Group's £52m investment will create over 2,000 new direct and indirect jobs.

The Group's investment plans for Rushden incorporate a public transport strategy which not only provides access to the site from a social inclusion perspective, but also provides a practical alternative for those who may otherwise travel to the site by car. A new £1m foot and cycle bridge over the A45 will join up Rushden Lakes and the Waitrose location, and a subsidised bus link will operate 6 days a week between the site and the town centre with a schedule designed to encourage use by both shoppers and staff. The Group will also fund a dedicated Town Centre Manager for Rushden and Higham Ferrers for a period of 3 years.

LXB is in detailed discussions with a number of key retailers who are seeking representation at this very prominent site. LXB plans to be on site in Autumn 2013.

The application will now be referred by East Northamptonshire Council to the Secretary of State who will decide whether this application should be called in for further consideration. 

Commenting on the Planning Committee's decision, Tim Walton CEO of LXB Manager LLP said:

'This is great news for both Rushden and the wider East Northamptonshire area. LXB's investment will result in the creation of a significant number of jobs in an area where they are very much needed; as a prominent leisure, tourism and retail destination, Rushden Lakes will attract major spending, boosting the local economy still further. The level of support from local people and the local authority has been overwhelming, and we sense a real eagerness for this project to move forward so that those benefits make a difference in people's pockets.'

Steve North, Leader of East Northamptonshire Council said:

'This decision is excellent news for East Northamptonshire. In these difficult economic times, the impact of approximately 2000 new jobs will have a transformational affect on our local economy. The creation of a leisure, retail and tourism destination will be a shot in the arm for Rushden and we are delighted that such a latent local asset as the Lakes will be finally opened up for the local community to enjoy. We welcome this vote of confidence from such a well regarded developer.'

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