LXB reports progress at three retail developments

LXB Retail Properties updated the market on positive progress in three of its operating areas on Monday, with investments in Stafford, Rushden Lakes and Sheppey moving forward.

In Stafford, the AIM-traded company has been in negotiations for some months to secure a pre-let of its proposed cinema, and on 22 April contracts were exchanged with Odeon for a six-screen multiplex.

Development was due to commence shortly with completion expected in spring 2017.

LXB said the construction of the Riverside Retail Park, also in Stafford, was now virtually complete with the first unit handed over to Marks & Spencer on 15 April to enable fit-out of its story.

The group was unable to commence the external work on the Morrisons store at Kingsmead Stafford, however, until the multi-storey car park was finished and available to complement the other town centre car parks in the area.

In Rushden Lakes, LXB’s plans to increase its leisure offer received a significant boost on 20 April with the local planning committee unanimously supporting its proposal for a new leisure complex, including an 11-screen cinema pre-let to Cineworld.

Completion of the sale of Rushden Lakes to the Crown Estate was also edging forward, with LXB anticipating the remaining pre-conditions will be satisfied so the sale may complete in the near future.

At Sheppey, LXB said a letting has now been agreed with Cancer Research, which will take access of their new unit at Neatscourt Retail Park shortly.