Posted on 15th March 2016
Planning Permission granted for major mixed-use regeneration in Burgess Hill
NewRiver Retail Limited (AIM: NRR), the UK REIT specialising in value-creating retail property investment and active asset management, announces that Mid Sussex District Council’s Planning Committee has unanimously granted planning permission for plans submitted by NewRiver for the mixed-use regeneration of the Martlets Shopping Centre in Burgess Hill, West Sussex.
The £65 million development proposal submitted by NewRiver totals 200,000 sq ft and includes a 10 screen multiplex cinema, a 63 bed Travelodge hotel, five leading national restaurants,142 residential units, a purpose-built modern library, gym, over 500 car-parking spaces and the creation of an additional 70,000 square feet of retail space for which the Company is in advanced legals with a number of national operators to secure pre-lets, in line with the Company’s risk-controlled development strategy.
Construction for this major regeneration development will be delivered in a phased programme with phase one scheduled to commence in early 2017.
NewRiver acquired the Martlets Shopping Centre in November 2010 as part of the CReAM portfolio of five shopping centres, for £12 million, 8.51% net initial yield and has worked closely with Mid-Sussex District Council since to achieve this milestone for its plans to regenerate this fast growing commuter town.
Allan Lockhart, Property Director, at NewRiver said:
“We are delighted to have received unanimous support from Mid Sussex’s Planning Committee to grant planning permission, marking a major milestone in our £65 million development plans for Burgess Hill which will serve as a catalyst for economic and social regeneration in the area.
Our proposed plans include pre-lets with some of Europe’s best in class retail and leisure operators, and in collaboration with Mid-Sussex District Council, will create a dynamic mixed-use town centre in West Sussex that is fit for purpose for the 21st century. This major development will be delivered in line with NewRiver’s risk-controlled development strategy and is expected to generate attractive returns for our investors and a revitalised town centre for Burgess Hill.”
"The BHBPA is the most effective and dynamic business organisation I have ever worked with in over 30 years in Local Government. It has a very active and large membership whose points of view are taken seriously by all government structures. Peter Liddell does an excellent job in providing unique and enjoyable networking opportunities where members interact and discuss points of mutual interest. It provides a forum for businesses to discuss common issues, to share experiences and to play a powerful and meaningful role in the Burgess Hill community. The BHBPA provides important and credible support for all its members and ensures that their best interests are represented where necessary. "
"If Carlsberg did networking they would do it the BHBPA way. Each event is packed with great ideas, thought provoking presentations and fun. As a small business we feel supported and part of the community. We have built friendships and business relationships and there is always plenty of advice on hand to benefit us all so don’t hesitate to join whatever the nature of your business. "
"“Sutton Winson have been members of the BHBPA for around 7 years. We have found it a great way to keep in touch with Burgess Hill businesses and to meet with likeminded people. It’s not just another “networking” group, as it tackles the real issues and gets things done”"
"“I can’t speak highly enough of the BHBPA. As a small local business we feel very much part of a community and thoroughly enjoy the annual exhibition and meetings throughout the year. Over the years we have built fantastic working relationships with many BHBPA members and every meeting and event offers us opportunities to work with more. This is networking at its best! ” "