22nd Oct 2014 09:20
LONDON (Alliance News) - Urban&Civic PLC Wednesday said its leisure and retail subsidiary, Terrace Hill, has provisionally been granted planning permission in Kent for a grocery and petrol station that it has pre-let to J Sainsbury PLC.
The proposed plans will see the food store and petrol station be built over a 99,659 square foot plot, along with a 32,000 square foot industrial development, at the Altira Business Park in Herne Bay, Kent. The provisional grant has been received by Terrace Hill from Canterbury City Council.
The grocery and petrol station are pre-let to Sainsbury's, and Urban&Civic said it intends to develop 20,000 square feet of the industrial space ahead of the completion of the food store.
The planning application will now be referred to the UK's Department of Communities and Local Government, and a decision, which is expected to grant planning permission, should be made within 21 days, Urban&Civic said in a statement.
Once it receives planning permission, Urban&Civic will either build the development itself or consider entering a joint venture to begin construction early in 2015, with completion of the project expected in early 2016, it said in a statement.
"We have worked closely with Canterbury City Council and local business groups to ensure that this scheme has a positive impact on the town of Herne Bay," said Urban&Civic Property Director Philip Leech. "The new scheme will create a large number of new jobs for Herne Bay, as well as providing significant investment into the local area."
Urban&Civic shares were up 0.9% to 218.90 pence per share Wednesday morning.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
UANC.LSainsbury's