25th Apr 2016 07:05
LONDON (Alliance News) - LXB Retail Properties PLC said Monday its Stafford, Rushden Lakes and Sheppey investments have all made good progress, with further pre-lets signed and a number of its sites on track to complete within the next year.
The real estate investment company, which focuses on retail assets, said it has exchanged contracts with Odeon for a six screen cinema in Stafford, with development to commence shortly and completion expected in spring 2017.
Restaurant units on the ground floor of LXB's multi-storey car park, which is part of the same complex as the cinema, have been pre-let to restaurants Chiquito, Nando's and Prezzo, the company said. LXB added an agreement for a lease with another leading restaurant operator is in solicitors' hands and is expected to exchange shortly. At that point, two units will remain until the scheme is fully let, LXB said.
Construction of its Riverside Retail Park in Stafford is "virtually complete" and said six units remain available at this site, LXB said. Riverside Retail Park is expected to open in August.
The company added that it was unable to begin external works to its Wm Morrison Supermarkets PLC foodstore in Stafford until the multi-storey car park was finished, but the car park had been handed over to Stafford Borough Council in March 2016 and external works are now "well advanced". Practical completion is expected at the site in June.
LXB said its plans to increase the leisure offer at Rushden Lakes received a significant boost on April 20 when the local planning committee unanimously supported its proposals for a new leisure offer.
Completion of the sale of Rushden Lakes to The Crown Estate is conditional on the satisfaction of a number of criteria, but LXB said on Monday the remaining remaining pre-conditions will be satisfied so that the sale to The Crown Estate may complete in the near future. On the completion, LXB said it plans to return capital to shareholders.
LXB added that a letting has been agreed with Cancer Research at its Sheppey site, and that Pepkor has selected the site as one of its locations for its new GHM format. This GHM store is expected to open to the public in June.
Shares in LXB were up 0.3% at 99.25 pence on Monday.
By Hannah Boland; [email protected]; @Hannaheboland
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