LXB Retail Properties has bought a 244-acre site close to Rushden, Northamptonshire, where it plans a £40m shopping scheme.
The land, of which 31-acres is developable, is opposite a Waitrose, Focus DIY and Lidl supermarket on the A45 and was bought for £4.5m.
The developable land is brownfield and has permission for 550,000 sq ft of offices. However, LXB said that it had been in discussions with the local council to bring forward an alternative scheme providing as much as 250,000 sq ft of retail, including a garden centre.
The group added that the scheme, subject to planning permission, could also include a hotel and other leisure facilities.
LXB chief executive Tim Walton said: “The site is extremely well located and the principle of development on the brownfield element of the site has already been confirmed.
“We are working with the local authority to bring the site forward for development and have been approached by several key anchor tenants who have identified its important position in East Northamptonshire.”
samantha.mcclary@estatesgazette.com
