LXB Retail Properties Plc Update on Planning Status at Rushden Lakes (9580D)
May 03 2017 - 1:00AM
UK Regulatory
TIDMLXB
RNS Number : 9580D
LXB Retail Properties Plc
03 May 2017
LXB Retail Properties Plc
(the "Company" or the "Group")
Update on Planning Status at Rushden Lakes
LXB Retail Properties Plc, the Jersey resident closed-ended real
estate investment company focused on edge of town and out of town
retail assets is able to provide an update on progress with the
planning application for the revised Phases 2 and 3 at Rushden
Lakes.
The planning application, which was unanimously approved by the
Planning Committee of East Northamptonshire Council on 8 February
2017, has been submitted to the Secretary of State for Communities
and Local Government to consider whether to call it in for review.
The Group previously guided an expectation that the planning
process would be complete by May 2017 enabling a start on site in
June 2017 but has recently been advised that, because of the
General Election, it is unlikely that any Ministerial decision will
be taken until after 8 June 2017.
Inevitably this has implications for when the arrangements
governing the revised phases will become unconditional with The
Crown Estate. It also has an impact on when the Group can start on
site on Phases 2 and 3 because the 6 week judicial review period
does not commence until after the s106 Agreement is signed, and
this cannot be done until a decision has been made by the Secretary
of State. It is likely, therefore, that no meaningful start on site
will be made before August 2017.
Further details will be made available once the planning consent
for the revised phases at Rushden Lakes has been completed.
For further information please contact:
LXB Adviser LLP Tel: 020 7432 7900
Tim Walton, CEO
Brendan O'Grady, FD
J.P. Morgan Cazenove (NOMAD) Tel: 020 7742 4000
Bronson Albery/Paul Hewlett
Buchanan Tel: 020 7466 5000
Charles Ryland/Victoria Hayns/Patrick Hanrahan
This information is provided by RNS
The company news service from the London Stock Exchange
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