Decision on phase two of Rushden Lakes will not be called in

Rushden Lakes
Rushden Lakes
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The developer behind Rushden Lakes has been told a decision on phase two of the scheme will not be called in.

LXB Retail Properties Plc had hoped work on phase two, including a 14-screen cinema, indoor trampoline facility, indoor climbing frame and restaurants, would start in June after planning permission was granted earlier this year.

How the boardwalk at Rushden Lakes will look

How the boardwalk at Rushden Lakes will look

However, the application was submitted to the Secretary of State for Communities and Local Government to decide whether it should be called in for review.

But the company has now been notified that the Secretary of State has decided not to call in the application.

In an update released by LXB today (Tuesday), it says the Section 106 agreement is well progressed and should be signed shortly at which point East Northamptonshire Council will be in a position to issue the planning permission.

The six-week statutory review period will start once the permission has been granted and once the six weeks has elapsed, the planning conditionality included in the funding arrangements with The Crown Estate will be satisfied.

The funding arrangements with The Crown Estate also include letting conditions.

As previously announced, the arrangements require a total of 75 per cent of space on Phase 2 and 60 per cent of space on Phase 3 to be pre-let.

This has been achieved in respect of Phase 2 and will be achieved in respect of Phase 3 once the letting which is currently in solicitors’ hands is exchanged.

The final condition is to sign a build contract for Phase 2 and Phase 3 and this is well advanced.

The group is also pleased to announce that restaurant chain Bill’s has exchanged a pre-let for 3,100sq ft of space on Phase 1 which means 93 per cent of Phase 1 is pre-let by floor space.

Tim Walton, CEO of LXB Adviser LLP, said: “The notification from the Secretary of State is excellent news and removes a significant uncertainty around the timing of the further cash receipts from The Crown Estate.

“We hope that the Section 106 agreement will be concluded swiftly and look forward to notifying shareholders once The Crown Estate funding arrangements have become unconditional.”

To read more about the Secretary of State deciding whether to call in the decision or not, click here