LXB Retail Properties has exchanged contracts to acquire 8 acres of land at Kingsmead in Staffordshire.
LXB has bought an option on the land, currently used as a car park, from Stafford borough council and Staffordshire county council, for £16.9m.
The deal is subject to planning being approved for a 71,500 sq ft supermarket, 14,000 sq ft of shops and 460 car parking spaces.
Morrisons has agreed to take the supermarket space on a 25-year lease, also subject to planning.
The acquisition of the Kingsmead option forms part of LXB’s wider development plans within Stafford, which include the development of a 200,000 sq ft retail scheme at its Riverside/Bridge Street site.
LXB chief executive Tim Walton said: “The potential development of the Kingsmead site, and the progress being made with the Riverside/Bridge Street development, indicates LXB’s continuing commitment to substantially enhance the existing retail facilities in Stafford town centre, and to bring the retail offer which a town of Stafford’s regional importance merits.”
samantha.mcclary@estatesgazette.com
