News

LXB seals Isle of Sheppey retail deal

News

James Kenny

17 March 2011

Retail

Kent, South East

Real estate investment company LXB Retail Properties has exchanged contracts with The Crown Estate to acquire 20 acres of the Neats Court development site on the Isle of Sheppey for £4.1m.

The deal, which is subject to planning approval, will see Neats Court form part of a wider regeneration project being promoted by the Crown Estate and the South East England Development Agency known as the Queenborough and Rushenden Masterplan.

The masterplan includes up to 2,000 new homes, more than 1m sq ft of employment space, education, health and community uses as well as a 180-berth marina.

Upon completion, the mixed-use Neats Court site will comprise a 55,000 sq ft foodstore, 35,000 sq ft of non-food retail warehousing, a drive through restaurant, a public house and approximately 70,000 sq ft of employment space. Supermarket group WM Morrison is set to take a 25-year lease on the 55,000 sq ft foodstore on the site. This is also conditional on securing planning consent.

As well as the Neats Court development, LXB has made headway with its retail warehouse scheme in Biggleswade, London. LXB has secured planning permission for 40,000 sq ft of mezzanine on two existing units on the project at London Road Biggleswade. The first has the benefit of an unrestricted open A1 non food use and the second is for bulky goods.

LXB’s site at Biggleswade now has the benefit of planning permission for 300,000 sq ft of retail space, 250,000 of which is open A1.

Speaking about the group’s recent progress, Tim Walton, chief executive of LXB Manager LLP, said; “We are delighted to have concluded LXB’s third major acquisition since IPO and our first major prelet to WM Morrison Supermarkets. The scheme will fill a major gap in the retail provision of the Isle of Sheppey which has a population of over 40,000 and which sees significant retail spend being lost to Sittingbourne and beyond. We continue to see new off market opportunities and look forward to securing more of these in the future.”

james.a.kenny@estatesgazette.com

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Real estate investment company LXB Retail Properties has exchanged contracts with The Crown Estate to acquire 20 acres of the Neats Court development site on the Isle of Sheppey for £4.1m. The deal, which is subject to planning approval, will see Neats Court form part of a wider regeneration project being promoted by the Crown Estate and the South East England Development Agency known as the Queenborough and Rushenden Masterplan. The masterplan includes up to 2,000 new homes, more than 1m sq ft of employment space, education, health and community uses as well as a 180-berth marina. Upon completion, the mixed-use Neats Court site will comprise a 55,000 sq ft foodstore, 35,000 sq ft of non-food retail warehousing, a drive through restaurant, a public house and approximately 70,000 sq ft of employment space. Supermarket group WM Morrison is set to take a 25-year lease on the 55,000 sq ft foodstore on the site. This is also conditional on securing planning consent. As well as the Neats Court development, LXB has made headway with its retail warehouse scheme in Biggleswade, London. LXB has secured planning permission for 40,000 sq ft of mezzanine on two existing units on the project at London Road Biggleswade. The first has the benefit of an unrestricted open A1 non food use and the second is for bulky goods. LXB’s site at Biggleswade now has the benefit of planning permission for 300,000 sq ft of retail space, 250,000 of which is open A1. Speaking about the group’s recent progress, Tim Walton, chief executive of LXB Manager LLP, said; “We are delighted to have concluded LXB’s third major acquisition since IPO and our first major prelet to WM Morrison Supermarkets. The scheme will fill a major gap in the retail provision of the Isle of Sheppey which has a population of over 40,000 and which sees significant retail spend being lost to Sittingbourne and beyond. We continue to see new off market opportunities and look forward to securing more of these in the future.” james.a.kenny@estatesgazette.com To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.