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.”