LXB Retail Properties Plc Update on planning status at Rushden Lakes (0531K)
04 Luglio 2017 - 11:30AM
UK Regulatory
TIDMLXB
RNS Number : 0531K
LXB Retail Properties Plc
04 July 2017
For Immediate Release 4 July 2017
LXB RETAIL PROPERTIES PLC
(the "Company" or the "Group")
Update on planning status at Rushden Lakes and further letting
on Phase 2
LXB Retail Properties Plc, the Jersey resident closed-ended real
estate investment company focused on edge of town and out of town
retail assets, is pleased to announce progress with the planning
application for the revised Phases 2 and 3 at Rushden Lakes.
The Company has been notified that the Secretary of State for
Communities and Local Government has decided not to call in the
application. The s106 agreement is well progressed and should be
signed shortly at which point East Northamptonshire Council will be
in a position to issue the planning permission. The six week
statutory review period will start once the permission has been
granted and once the six weeks has elapsed, the planning
conditionality included in the funding arrangements with The Crown
Estate will be satisfied.
The funding arrangements with The Crown Estate also include
letting conditions. As previously announced, the arrangements
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 in respect of Phase 2
and will be achieved in respect of Phase 3 once the letting which
is currently in solicitors' hands is exchanged.
The final condition is to sign a build contract for Phase 2 and
Phase 3 and this is well advanced.
The Group is also pleased to announce that restaurant chain
Bill's has exchanged a pre-let for 3,100 sq ft of space on Phase 1
which means 93% of Phase 1 is pre-let by floor space.
Tim Walton, CEO of LXB Adviser LLP said:-
"The notification from the Secretary of State is excellent news
and removes a significant uncertainty around the timing of the
further cash receipts from The Crown Estate. We hope that the s106
agreement will be concluded swiftly and look forward to notifying
shareholders once The Crown Estate funding arrangements have become
unconditional."
For further information please contact:
LXB Adviser LLP Tel: 020 7432 7900
Tim Walton, CEO
Brendan O'Grady, FD
J.P. Morgan Cazenove (NOMAD) Tel: 020 7742 4000
Bronson Albery/Paul Hewlett
Buchanan Tel: 020 7466 5000
Charles Ryland/Victoria Hayns/Patrick Hanrahan
This information is provided by RNS
The company news service from the London Stock Exchange
END
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