NewRiver REIT PLC Planning Consent (2594K)
06 Luglio 2017 - 8:00AM
UK Regulatory
TIDMNRR
RNS Number : 2594K
NewRiver REIT PLC
06 July 2017
NewRiver REIT plc
("NewRiver" or the "Company")
Planning permission granted for major mixed-use regeneration in
Cowley, Oxford
NewRiver is pleased to announce that Oxford City Council has
approved its plans for a major mixed-use development to regenerate
Templars Square shopping centre, meet strong demand for new housing
in the local area, introduce a budget hotel and create a much
needed leisure quarter with a choice of restaurants.
The GBP56 million development, which totals 236,000 sq ft, will
include 226 new residential apartments, a 71-bed budget hotel, 2
new restaurant units, modernised car parks and a major improvement
of the public realm. The hotel & leisure element of the scheme
is already 82% pre-let, having exchanged contracts with Travelodge
last year, and the Company has seen good demand for the restaurant
units from a range of operators.
The regeneration forms a key part of NewRiver's 1.9 million sq
ft risk-controlled development pipeline which the Company believes
will be a key driver of long term returns for its shareholders, and
is in line with the Company's strategy to capitalise on development
opportunities in the air space above or adjacent to its existing
assets.
Templars Square shopping centre has been at the heart of Cowley,
Oxford for over fifty years and its future success is of great
importance to the local community. NewRiver has owned Templars
Square since December 2012 and submitted a planning application in
November 2016, following a comprehensive programme of council and
community engagement.
Allan Lockhart, Property Director commented: "We are delighted
that Oxford City Council has approved our proposals to regenerate
the heart of Cowley town centre. We have been working alongside the
council and local residents for over two years and, as a long-term
investor in the community, we look forward to introducing new
homes, a budget hotel, restaurants and jobs to the area, as well as
revitalising our existing convenience-led shopping centre.
A combination of rationalisation of the existing car park
provision, capitalising on the air space above the centre and site
assembly have enabled a proposal with significant massing. The
existing shopping centre will continue to trade throughout the
development and we are confident that its rental tone will benefit
from the improvement works. We look forward to continuing our
partnership with the local community as we move toward the delivery
phase of this exciting step-change for Cowley's future."
For further information
NewRiver REIT plc +44 (0)20 3328 5800
David Lockhart (Chief Executive)
Mark Davies (Chief Financial Officer)
Will Hobman (Head of Investor Relations)
Bell Pottinger +44 (0)20 3772 2500
David Rydell
David Bass
Eve Kirmatzis
About NewRiver
NewRiver REIT plc (ticker: NRR) is a premium listed REIT on the
London Stock Exchange and a constituent of the FTSE 250 and EPRA
indices. The Company is a specialist real estate investor, asset
manager and developer focused solely on the UK retail and leisure
sector.
Founded in 2009, NewRiver is one of the UK's largest
owner/managers of convenience-led shopping centres with assets
under management of GBP1.3 billion principally comprising 33 UK
wide shopping centres together with further nationwide retail and
leisure assets. The portfolio totals over 8 million sq. ft. with
over 2,000 occupiers, an annual footfall of 150 million and a
retail occupancy rate of 97 per cent.
Visit www.nrr.co.uk for further information. LEI number:
2138004GX1VAUMH66L31
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSSFEFIFWSEDW
(END) Dow Jones Newswires
July 06, 2017 02:00 ET (06:00 GMT)
Grafico Azioni Newriver Reit (LSE:NRR)
Storico
Da Giu 2024 a Lug 2024
Grafico Azioni Newriver Reit (LSE:NRR)
Storico
Da Lug 2023 a Lug 2024