4 Jul 2017 10:30
For Immediate Release |
4 July 2017 |
LXB RETAIL PROPERTIES PLC
(the "Company" or the "Group")
Update on planning status at Rushden Lakes and further letting on Phase 2
LXB Retail Properties Plc, the Jersey resident closed-ended real estate investment company focused on edge of town and out of town retail assets, is pleased to announce progress with the planning application for the revised Phases 2 and 3 at Rushden Lakes.
The Company has been notified that the Secretary of State for Communities and Local Government has decided not to call in the application. The s106 agreement is well progressed and should be signed shortly at which point East Northamptonshire Council will be in a position to issue the planning permission. The six week statutory review period will start once the permission has been granted and once the six weeks has elapsed, the planning conditionality included in the funding arrangements with The Crown Estate will be satisfied.
The funding arrangements with The Crown Estate also include letting conditions. As previously announced, the arrangements require a total of 75% of space on Phase 2 and 60% of space on Phase 3 to be pre-let. This has been achieved in respect of Phase 2 and will be achieved in respect of Phase 3 once the letting which is currently in solicitors' hands is exchanged.
The final condition is to sign a build contract for Phase 2 and Phase 3 and this is well advanced.
The Group is also pleased to announce that restaurant chain Bill's has exchanged a pre-let for 3,100 sq ft of space on Phase 1 which means 93% of Phase 1 is pre-let by floor space.
Tim Walton, CEO of LXB Adviser LLP said:-
"The notification from the Secretary of State is excellent news and removes a significant uncertainty around the timing of the further cash receipts from The Crown Estate. We hope that the s106 agreement will be concluded swiftly and look forward to notifying shareholders once The Crown Estate funding arrangements have become unconditional."
For further information please contact:
LXB Adviser LLP Tel: 020 7432 7900
Tim Walton, CEO
Brendan O'Grady, FD
J.P. Morgan Cazenove (NOMAD) Tel: 020 7742 4000
Bronson Albery/Paul Hewlett
Buchanan Tel: 020 7466 5000
Charles Ryland/Victoria Hayns/Patrick Hanrahan