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LXB secures planning permission for retail schemes in UK

16 Feb 2012 (Last Updated February 16th, 2012 18:30)

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.

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.

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.

The developer is also in negotiations with a number of retailers for the other units at Riverside and Kingsmead.

Stafford 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.