Henderson Global Investors has been granted outline planning approval for its retail-led, mixed-use scheme at Old River Lane, Bishop’s Stortford.
The approval is subject to referral to the secretary of state for communities and local government and signing of section 106 agreement.
Henderson, on behalf of its UK Property Fund, is investing £105m in the 8.6-acre site. The development includes a new department store, approximately 35 shops, of which 10 are smaller shops designed for independent traders; restaurants; a digital cinema, a hotel, around 670 parking spaces and up to 100 new homes.
Construction is planned to begin during summer 2012, with the scheme due to open in autumn 2014.
Fund manager Cameron Fraser said: “We firmly believe that it will improve the fortunes of all businesses in the town, with an additional £50m in retail spending expected per year once the scheme is complete.”
CB Richard Ellis and Lambert Smith Hampton are advising.
annabel.dixon@estatesgazette.com
