12th Feb 2014 18:14
LONDON (Alliance News) - Real estate investor LXB Retail Properties PLC Wednesday said the decision on whether it can go ahead with its investment in Rushden Lakes has been delayed.
The Secretary of State was meant to reach a decision by Thursday but according to LXB the Department for Communities and Local Government advised it isn't in a position to do so.
"The group is naturally disappointed by the continued delay in receiving confirmation that it can go ahead with this major investment but fully understands that DCLG Ministers and officials will need to give priority to the flood issues affecting many parts of the country," LXB said in a statement.
According to LXB, the Department has said the case remains under "careful consideration" but a new target date has not been set.
In October 2012, East Northamptonshire District Council unanimously resolved to grant planning permission at Rushden Lakes for 465,000 square feet of mixed use retail and leisure.
The Secretary of State decided to ?call in? the application and an inquiry was held in June 2013, with a planning decision yet to be made.
LXB shares Wednesday closed at 130.75 pence, down 0.25 pence, or 0.2%.
By Samuel Agini; [email protected]; @samuelagini
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