Future phases of Rushden Lakes development confirmed

The Crown Estate has today (Thursday) confirmed the unconditional purchase of three further phases of Rushden Lakes from LXB Retail Properties Plc, the specialist retail developer behind the multi-million pound scheme.

With this agreement, The Crown Estate has committed to an additional 215,000 sq ft of space at the retail and leisure destination.

Delivered over three additional phases of development, this will bring the total size of Rushden Lakes to more than 445,000 sq ft.

LXB is already on site with the future phases, with stores expected to start opening in 2019.

Phase two will see the creation of a new leisure development, offering more than 150,000 sq ft of space, and will comprise of 11 restaurants, a 14-screen multiplex cinema from Cineworld, and five leisure units with Rock Up, the climbing and adventure centre, the latest to confirm its space.

In phases three and four an additional 65,000 sq ft of retail space will be added across two developments, within which Wren Kitchens has confirmed a new 12,000 sq ft store.

Once all phases are delivered, Rushden Lakes will be home to more than 40 retail units, 18 restaurants, five leisure providers, a 14-screen cinema, a boathouse and The Nene Wetlands Visitor Centre.

The total parking provision will increase to more than 1,900 spaces when all phases are complete.

Since the first phase of Rushden Lakes launched in July, thousands of visitors have visited the site.

Hannah Milne, director of regional retail at The Crown Estate, said: “Rushden Lakes is the first destination of its kind.

“This innovative new centre has proven incredibly popular with shoppers and we are delighted to be furthering our investment.

“Future phases of Rushden Lakes will continue to transform customer and shopper expectations, and set the standard for other destinations to aspire to.”

Tim Walton, CEO of LXB Adviser LLP, said: “It has been a long haul since the planning committee approved the revised plans for phases two and three in February 2017.

“It is very good news that the planning position is finally confirmed, but practical completion will be six months later than the group intended simply because of the planning delays suffered as a result of the calling of the General Election in June 2017.

“It is also pleasing to have secured all these new lettings in a tough retail and leisure market.

“It is testimony to Rushden Lakes’ unique appeal to be able to continue to attract premium brands such as Jack Wills and Superdry.

“It is also proving to be a showcase for emerging retailers such as Robert Goddard and Jamaica Blue which have already opened successfully.

“The group will continue discussions with The Crown Estate about how it can deliver the remaining potential of this large and very successful scheme with what is now a reduced balance sheet and a commitment to return as much cash to shareholders as possible.”