Property investor secures new retail lettings at twin Midlands sites

Stafford Riverside

LXB Retail Properties has secured new lettings agreements at twin sites in the Midlands.

The Jersey-based closed-ended real estate investment company said the Rushden Lakes site in Northamptonshire and the Stafford Riverside project had both proved popular with retailers.

The company, which specialises in edge of town and out of town retail assets, said it had exchanged two pre-lets at Rushden Lakes to AJ Cycles and Cotswold Outdoor.

AJ Cycles an independent bicycle retailer and Cotswold Outdoor the outdoor leisure retailer are to take 4,000 sq ft and 6,000 sq ft respectively within Phase 3 of the development.

These lettings mean the site is now 29% let with a further 34% in solicitors’ hands. The conditions included in the funding arrangements with The Crown Estate require a total of 75% of space on Phase 2 and 60% of space on Phase 3 to be pre-let.

This has been achieved on Phase 2 and will be achieved on Phase 3 if the letting in solicitors’ hands is exchanged. In order to be unconditional, once the lettings thresholds have been met, an unconditional planning permission is required and this is currently with the Department for Communities and Local Government.

In Stafford, the group has exchanged a 2,300 sq ft pre-let to Zizzi, the Italian restaurant group with 140 restaurants across the UK and Ireland. The agreement is subject to minor planning conditions and construction matters being met. Works are anticipated to start shortly with Zizzi expected to take access in the autumn.

Two further units are in solicitors’ hands which leaves 4,000 sq ft (approximately 4% of floor space) to let, for which discussions are ongoing.

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