NewRiver Retail Limited NewRiver Retail granted detailed planning approval (0563F)
20 Maggio 2013 - 8:00AM
UK Regulatory
TIDMNRR
RNS Number : 0563F
NewRiver Retail Limited
20 May 2013
NewRiver Retail Limited
("NewRiver" or "the Company")
NewRiver granted approval for significant regeneration in
Erdington, Birmingham
NewRiver Retail Limited (AIM and CISX: NRR), the UK REIT
specialising in value-creating retail property investment and
active asset management, announces it has been granted detailed
planning permission by Birmingham City Council for a significant
redevelopment of the Central Square Shopping Centre and Erdington
town centre.
The 45,000 sq ft regeneration project of Central Square Shopping
Centre, acquired by NewRiver in 2010 as part of a portfolio of five
shopping centres, will provide for a new 25,000 sq ft sales area
food store with the creation of four additional independent retail
units totalling c.20,000 sq ft and a new 230-space surface car
park.
Working in partnership with Birmingham City Council, the
innovative regeneration plans, widely supported by the local
community, will be of major economic benefit for the town and
existing retailers. The scheme's compliance with the City Council's
objective to safeguard the vitality of the town centre was fully
recognised and welcomed.
This major town centre development demonstrates NewRiver's
active asset management expertise and the company's ability to
enhance the value of its assets. The latest approval marks the
continued progress of NewRiver's development initiatives and the
Company's risk-controlled development programme across the
portfolio.
Allan Lockhart, Property Director at NewRiver said: "We are
delighted to have received unanimous approval for our extensive
regeneration of Central Square shopping centre and Erdington town
centre. This major redevelopment will act as a catalyst for the
regeneration of the area and demonstrates our commitment to
enhancing our asset base and to revitalising the local area.
"The introduction of a major new food store will significantly
improve the retail offer, drive increased footfall to the area and
create approximately 250 jobs all for the benefit of the town,
customers and local retailers. We now intend to work with all
stakeholders to advance this important town centre
regeneration."
-Ends-
For further information
NewRiver Retail Limited Tel: 020 3328 5800
David Lockhart, Chief Executive
Mark Davies, Finance Director
Pelham Bell Pottinger Tel: 020 7861 3232
David Rydell/Guy Scarborough
Cenkos Securities Tel: 020 7397 8900
Ian Soanes/Max Hartley
Investec Bank plc Tel: 020 7597 5970
Garry Levin/David Anderson
About NewRiver
NewRiver Retail Limited is a REIT status specialist real estate
investor and asset manager focusing solely on the UK retailing
sector with a particular focus on food and value retailing. The
management team, with over 100 years combined experience in the UK
commercial property market, actively engages with retailers,
stakeholders and consumers. With assets under management of GBP400
million comprising 23 UK wide shopping centres, 16 high street
retail units and two supermarkets, the portfolio has 732 occupiers,
a total of 2.8 million square feet, total annual footfall of over
65 million and an occupancy rate on its retail estate of 94%. 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. It is
NewRiver's intention to become one of the leading sector-focused
value-creating property investment businesses operating in the UK
retail sector. The Company was founded in 2009 and its shares were
admitted to London's AIM and Channel Islands Stock Exchange (CISX)
in September of the same year. For more information on NewRiver,
please visit www.nrr.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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