LXB Retail Properties has secured planning permission for a redevelopment at London Road in Biggleswade, Bedfordshire.
Central Bedfordshire council granted permission for 330,000 sq ft of non-food open A1 retail consent, of which 10,500 sq ft can be used for food sales. The permission will be formally granted on the signing of a section 106 agreement.
LXB has acquired nine separate interests in the last two years to enable a wider redevelopment of the site, which totals 16 acres.
It has exchanged contracts with Marks & Spencer to anchor the scheme with a 60,000 sq ft store on two floors, subject to securing planning permission. The M&S lease is for 25 years with a tenant’s break option at 15 years.
LXB plans to relocate the existing tenants within the scheme.
Tim Walton, chief executive of LXB partners, said: “The intention is to create a gateway flagship development for the town, which will complement the town centre providing the sort of retail offer that is not possible to replicate in the historic market town. The site’s strategic location adjacent to the A1 will help to redress the expenditure leakage that the area currently experiences.”
annabel.dixon@estatesgazette.com
