LXB makes further letting progress at Rushden Lakes and Stafford Riverside

Jersey resident closed-ended real estate investment company LXB Retail Properties announced further progress on lettings at Rushden Lakes Phase 3 and at Stafford Riverside on Thursday.

The AIM-traded firm said that, since the last update on 14 June, the group had exchanged two further pre-lets at Rushden Lakes to AJ Cycles and Cotswold Outdoor.

AJ Cycles and Cotswold Outdoor would take 4,000 sq ft and 6,000 sq ft respectively within Phase 3.

The lettings meant the group was now 29% let with a further 34% in solicitors' hands.

LXB said the conditions included in the funding arrangements with The Crown Estate required a total of 75% of space on Phase 2 and 60% of space on Phase 3 to be pre-let.

That was already achieved on Phase 2 and would be achieved on Phase 3 if the letting in solicitors' hands was exchanged.

In order to be unconditional, once the lettings thresholds have been met, an unconditional planning permission was required, and that was already with the Department for Communities and Local Government as the board had previously noted.

The group also exchanged a further pre-let at Stafford Riverside to Italian restaurant group Zizzi, which will take 2,300 sq ft.

LXB said the agreement for lease was subject to conditionality on minor planning and construction matters.

Works were anticipated to start shortly with Zizzi expected to take access in the autumn.

Two further units awee in solicitors' hands, leaving approximately 4,000 sq ft - approximately 4% of floor space - to let, for which discussions were ongoing.

“The lettings at Rushden Phase 3 bring us closer to triggering the cash receipt in respect of Phase 3 at Rushden Lakes and the progress on Stafford Riverside means we are a step closer to having a fully let scheme at this location,” said LXB Adviser LLP CEO Tim Walton.