LXB Retail Properties has secured planning permission from Stafford Borough Council for two retail developments worth a total of £70m at Riverside and Kingsmead in Stafford, UK.
Under the Riverside plans, a retail scheme on the edge of the town centre will be built, comprising 200,000ft² of retail space and 1,200 car parking spaces.
Go deeper with GlobalData
Under the Kingsmead development plan, the company will build a 71,500ft² foodstore, 14,000ft² of associated retail space and 460 car parking spaces.
LXB Manager CEO Tim Walton said: "These are two extremely well located sites for which there is significant tenant demand. Both will significantly enhance the retail facilities in Stafford Town Centre and provide a major boost to the local economy."
The company has signed a 25-year pre-let lease agreement with Marks & Spencer for the Riverside development and a 25-year lease agreement with Morrisons for a new supermarket with an on-site petrol station on the Kingsmead site.
See Also:
The developer is also in negotiations with a number of retailers for the other units at Riverside and Kingsmead.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataStafford Borough Council leader Mike Heenan said: "This is an important and very welcome investment to the borough’s economy and we are really pleased the plans have now been given the go ahead."
"Recent focus has been on the problems experienced by town centres up and down the UK. This scheme bucks that trend, bringing significant new retail presence to our centre as well as hundreds of new jobs," Heenan said.
