Henderson Global Investors has received outline planning permission and conservation area consent for its Old River Lane scheme in Bishop’s Stortford, Hertfordshire.
Henderson, on behalf of its UK Property Fund, is investing £105m in the 8.6-acre site. The scheme includes a 30,000 sq ft department store, an extension to the existing Waitrose store, approximately 35 shops, of which 10 are designed for independent traders, two restaurants, a digital cinema, circa 670 parking spaces and up to 100 homes.
The site is currently occupied by East Hertfordshire district council’s Causeway offices, an East Hertfordshire district council pay and display car park and the Waitrose car park.
Henderson expects to submit detailed plans for the regeneration of the Old River Lane scheme in the summer.
Construction, subject to reserved matters applications being approved later this year, is expected to begin in 2014. The scheme is anticipated to open in 2016.
Cameron Fraser, fund manager of the Henderson UK Property Fund, said: “The redevelopment will further enhance the public space and range of facilities that are available in this historic market town. It will enhance access to some of its heritage assets, such as the castle and the united reformed church, as well as help meet the demand for additional retail capacity that has been identified by East Hertfordshire district council.
“We were committed from the outset to get the views of as many residents and businesses on the scheme and have been through a lengthy consultation and application period in order to reach this stage. We are confident that the plans that have been approved will create a new quarter in the town centre that will encourage more inward investment from the community.”
CBRE and Lambert Smith Hampton acted.
annabel.dixon@estatesgazette.com
