LXB invests in £70m Staffordshire retail mission
AIM-listed investor LXB Retail Properties has acquired two town centre plots in Staffordshire for a £70m retail project and is in talks to acquire a third.
The Jersey-registered plc has bought the site of the former Riverside Recreation Centre, in Stafford, which was demolished after the opening of the new £15m leisure centre in 2008.
It was originally part of a land swap deal with developer Trent City Securities but fell victim to the recession.
In addition, LXB has bought the leasehold interest in the multi-storey car park in Bridge Street which has been defunct since 2009 following discovery of a structural fault.
Staffordshire County Council and Stafford Borough Council said LXB was also in “advanced talks” with the two authorities to purchase the 8.5-acre, town centre Kingsmead car park site which has been marketed as a retail opportunity since 2009.
LXB said outline terms had already been conditionally agreed to lease an ‘anchor’ store to a major retailer on the Riverside site.
The former recreation centre land would provide around 220,000 sq ft of retail space while the Kingsmead site has been earmarked for another retail development of around 70,000 sq ft.
It is expected the schemes would create around 650 jobs and provide more than 1,600 car parking spaces.
A planning application is expected to be submitted within the next few months with construction work expected to start next year.
LXB floated on AIM in October 2009 and has raised equity of nearly £260m, including £110m through a placing of new shares last month.
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