For immediate release 12 January 2012
LXB Retail Properties Plc Foodstore Led Acquisition at Kingsmead, Stafford
LXB Retail Properties Plc ('LXB' or the 'Company'), the real
estate investment company, announces that it has exchanged
contracts on an option to acquire 8 acres of land, which is
currently being used as a surface car park, at Kingsmead, on
the north-eastern edge of Stafford town centre. LXB has
acquired the option from Stafford Borough Council and
Staffordshire County Council on a subject to planning basis
with an option value of £16.9m. LXB has also signed an
Agreement for Lease with Morrisons, which is to take a 25
year lease of a new 71,500 sq ft foodstore on the majority of
the site. This is also conditional on securing an appropriate
planning consent.
A planning application for a 71,500 sq ft foodstore, 14,000
sq ft of associated retail and 460 car parking spaces on the
Kingsmead site was submitted in November 2011 and the
application is due to go to the planning committee in early
2012.
The acquisition of the Kingsmead option forms part of LXB's
wider development plans within Stafford, which include the
development of a retail scheme (of just under 200,000 sq ft)
on the Company's Riverside/Bridge Street site for which a
planning application was also submitted in November.
Commenting on the acquisition and the progress at Stafford,
Tim Walton CEO of LXB Manager LLP
said:
"We are delighted to have acquired this option on a highly
prominent site on the edge of Stafford town centre for the
Company and, of course, to achieve LXB's third major pre-let
to Morrisons. The potential development of the Kingsmead site
and the progress being made with the Riverside/Bridge Street
development indicates LXB's continuing commitment to
substantially enhance the existing retail facilities in
Stafford town centre and to bring the retail offer which a
town of Stafford's regional importance merits."
Leader of Stafford Borough Council, Mike Heenan said:
"We are delighted to have completed the deal with LXB and are very happy to welcome Morrisons to Stafford. LXB's investment in Stafford will give a huge boost to the Stafford economy and provide residents with much improved retail and leisure facility"
Morrisons Development Executive, Richard Bakes, said:
"This is a great opportunity for Morrisons as well as Stafford. We operate at the heart of many communities and are looking forward to bringing our range of fresh food, excellent service and great value to the town. Our professional team is already working with LXB to deliver a new store that will benefit locals and complement the town centre."
For further information please contact:
LXB Manager LLP Tel: 020 7432 7900Tim Walton, CEO
Brendan O'Grady, FD
Buchanan Tel: 020 7466 5000Charles Ryland/Nicola Cronk
distribué par | Ce noodl a été diffusé par LXB Retail Properties plc et initialement mise en ligne sur le site http://wwww.lxbretailproperties.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-12 13:33:47 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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Acquisition Announcement - Stafford (12 January 2012) |