Last checked at 6 Jul 2017 07:00
NewRiver REIT plc
("NewRiver" or the "Company")
Planning permission granted for major mixed-use regeneration in Cowley, Oxford
NewRiver is pleased to announce that Oxford City Council has approved its plans for a major mixed-use development to regenerate Templars Square shopping centre, meet strong demand for new housing in the local area, introduce a budget hotel and create a much needed leisure quarter with a choice of restaurants.
The £56 million development, which totals 236,000 sq ft, will include 226 new residential apartments, a 71-bed budget hotel, 2 new restaurant units, modernised car parks and a major improvement of the public realm. The hotel & leisure element of the scheme is already 82% pre-let, having exchanged contracts with Travelodge last year, and the Company has seen good demand for the restaurant units from a range of operators.
The regeneration forms a key part of NewRiver's 1.9 million sq ft risk-controlled development pipeline which the Company believes will be a key driver of long term returns for its shareholders, and is in line with the Company's strategy to capitalise on development opportunities in the air space above or adjacent to its existing assets.
Templars Square shopping centre has been at the heart of Cowley, Oxford for over fifty years and its future success is of great importance to the local community. NewRiver has owned Templars Square since December 2012 and submitted a planning application in November 2016, following a comprehensive programme of council and community engagement.
Allan Lockhart, Property Director commented: "We are delighted that Oxford City Council has approved our proposals to regenerate the heart of Cowley town centre. We have been working alongside the council and local residents for over two years and, as a long-term investor in the community, we look forward to introducing new homes, a budget hotel, restaurants and jobs to the area, as well as revitalising our existing convenience-led shopping centre.
A combination of rationalisation of the existing car park provision, capitalising on the air space above the centre and site assembly have enabled a proposal with significant massing. The existing shopping centre will continue to trade throughout the development and we are confident that its rental tone will benefit from the improvement works. We look forward to continuing our partnership with the local community as we move toward the delivery phase of this exciting step-change for Cowley's future."
For further information
NewRiver REIT plc +44 (0)20 3328 5800
David Lockhart (Chief Executive)
Mark Davies (Chief Financial Officer)
Will Hobman (Head of Investor Relations)
Bell Pottinger +44 (0)20 3772 2500
David Rydell
David Bass
Eve Kirmatzis
About NewRiver
NewRiver REIT plc (ticker: NRR) is a premium listed REIT on the London Stock Exchange and a constituent of the FTSE 250 and EPRA indices. The Company is a specialist real estate investor, asset manager and developer focused solely on the UK retail and leisure sector.
Founded in 2009, NewRiver is one of the UK's largest owner/managers of convenience-led shopping centres with assets under management of £1.3 billion principally comprising 33 UK wide shopping centres together with further nationwide retail and leisure assets. The portfolio totals over 8 million sq. ft. with over 2,000 occupiers, an annual footfall of 150 million and a retail occupancy rate of 97 per cent.
Visit www.nrr.co.uk for further information. LEI number: 2138004GX1VAUMH66L31