Planning Permission Granted

RNS Number : 9189R

NewRiver Retail Limited

14 March 2016

 

NewRiver Retail Limited

("NewRiver" or the "Group" or the "Company")

Planning Permission granted for major mixed-use regeneration in Burgess Hill

NewRiver Retail Limited (AIM: NRR), the UK REIT specialising in value-creating retail property investment and active asset management, announces that Mid Sussex District Council's Planning Committee has unanimously granted planning permission for plans submitted by NewRiver for the mixed-use regeneration of the Martlets Shopping Centre in Burgess Hill, West Sussex.

The £65 million development proposal submitted by NewRiver totals 200,000 sq ft and includes a 10 screen multiplex cinema, a 63 bed Travelodge hotel, five leading national restaurants,142 residential units, a purpose-built modern library, gym, over 500 car-parking spaces and the creation of an additional 70,000 square feet of retail space for which the Company is in advanced legals with a number of national operators to secure pre-lets, in line with the Company's risk-controlled development strategy.

Construction for this major regeneration development will be delivered in a phased programme with phase one scheduled to commence in early 2017.

NewRiver acquired the Martlets Shopping Centre in November 2010 as part of the CReAM portfolio of five shopping centres, for £12 million, 8.51% net initial yield and has worked closely with Mid-Sussex District Council since to achieve this milestone for its plans to regenerate this fast growing commuter town.

Allan Lockhart, Property Director, at NewRiver said:

"We are delighted to have received unanimous support from Mid Sussex's Planning Committee to grant planning permission, marking a major milestone in our £65 million development plans for Burgess Hill which will serve as a catalyst for economic and social regeneration in the area.

Our proposed plans include pre-lets with some of Europe's best in class retail and leisure operators, and in collaboration with Mid-Sussex District Council, will create a dynamic mixed-use town centre in West Sussex that is fit for purpose for the 21st century. This major development will be delivered in line with NewRiver's risk-controlled development strategy and is expected to generate attractive returns for our investors and a revitalised town centre for Burgess Hill."

ENDS

For further information

NewRiver Retail Limited  David Lockhart, Chief Executive Mark Davies, Finance Director	Tel: [phone]
Bell Pottinger David Rydell / James Newman / David Bass	Tel: [phone]
Liberum Richard Crawley / Jamie Richards	Tel: [phone]
Peel Hunt LLP Capel Irwin	Tel: [phone]

About NewRiver

NewRiver Retail Limited is an AIM listed REIT. The Company is a specialist real estate investor, asset manager and developer focused solely on the UK retail sector.

The management team, with over 100 years combined experience in the UK commercial property market, actively engages with retailers, stakeholders and consumers. NewRiver Retail is one of the UK's largest shopping centre owner/managers with assets under management of over £1 billion principally comprising 32 UK wide shopping centres, further nationwide retail assets and a portfolio of 358 pubs with retail and mixed-use extension opportunities. The portfolio has 1,765 occupiers, a total of over 7.0 million sq. ft., total annual footfall of over 145 million and a retail occupancy rate of 97 per cent.

The Company's activities include active and entrepreneurial asset management and risk-controlled development, utilising both its own balance sheet and co-investment joint venture structures.

Founded in 2009, NewRiver has become the UK's leading retail-focused property investment business. The Company's shares were admitted to London's AIM in September of the same year. For more information on NewRiver, please visit www.nrr.co.uk  

 

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