VIDEO: Another big name signs up for Rushden Lakes scheme

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Joules is the latest name to sign up to the multi-million pound Rushden Lakes development.

The clothing firm, which has its headquarters in Market Harborough and a factory in Corby, has signed a pre-let to open a store at the major retail and leisure scheme being built on the former Skew Bridge site at Rushden.

The first phase of Rushden Lakes is due to open next Spring

The first phase of Rushden Lakes is due to open next Spring

It specialises in colourful, British-designed casualwear for men, women and children and will join a host of other big names at Rushden Lakes, including Marks and Spencer, House of Fraser, H&M, Primark, River Island and New Look.

The news about Joules was revealed as it was announced that LXB Retail Properties, which is behind the scheme, has completed its disposal of Rushden Lakes to The Crown Estate.

LXB had agreed to sell its interest in Rushden Lakes to The Crown Estate more than a year ago, but completion of the deal was subject to a number of conditions, largely relating to planning, lettings and highways.

The contract is a forward funding arrangement where The Crown Estate will fund the future development costs with LXB retaining responsibility for overseeing the development and lettings.

What the central promenade of Rushden Lakes will look like

What the central promenade of Rushden Lakes will look like

As a result of costs, the initial completion proceeds have been lowered from £75 million to £65.2 million and The Crown Estate has paid the sum in cash.

Although the initial cash proceeds are lower than originally anticipated, the majority of the reduction relates to timing differences.

This week’s news about Rushden Lakes comes as work is progressing on the site just off the A45.

Construction of phase one, which includes three retail terraces and associated restaurants, is under way and the terraces built under this phase are expected to open to the public next Spring.

This phase will be anchored by M&S, House of Fraser and Primark with a further 30 units.

Phase two comprises of an 11-screen cinema which has been pre-let to Cineworld with further restaurants and various leisure offerings, including a bowling alley and indoor climbing unit.

It is hoped that construction for this stage will start prior to March 2017.

A revised planning application for phase three is due to be submitted later this year.

For more details about Rushden Lakes, click here