Developer completes sale of land interests at Rushden Lakes

The boardwalk at Rushden Lakes
The boardwalk at Rushden Lakes

The developer behind Rushden Lakes has completed the sale of its remaining land interests at the multi-million pound development.

A year after the first shops opened at the major retail and leisure scheme, LXB Retail Properties Ltd is set to receive a net cash receipt of more than £7.5m in the next few days.

It comes after the sale of its remaining land interests at the development, which had more than 4.5 million visitors in its first 12 months.

A statement published on the LXB website today (Tuesday) says: “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 pleased to announce that on 3 August 2018 the group completed the sale of its remaining land interests at Rushden Lakes and is freed from its obligations in connection with Phase 4, the Garden Square scheme.

“As referenced in the interim report of the company for the six months ended 31 March 2018, a net cash receipt of just over £7.5m is expected to be received in the next few days.”

And the statement went on to say: “Phase 3 at Rushden Lakes is now fully let following the conclusion of the final letting to Hobbycraft; Practical completion occurred in early July and all tenants have now taken access.

“A further cash receipt of £2.7m is expected once the five leases are completed with the tenants, which is expected within the next four to six weeks.

“An announcement about a further cash return to shareholders will be made following receipt of the funds from the Crown Estate.”