Latest on future phases of Rushden Lakes scheme
The developer behind Rushden Lakes has given an update on its latest lettings and how work is progressing on phases two, three and four.
The first shops opened at the multi-million pound development last July, with Magazine Heaven recently completing the line-up for phase one.
An update on the scheme and its future phases has just been published by LXB, including contracts exchanged with a speciality coffee shop and terms agreed for another restaurant.
It also says phase two has just two units left to let and terms have been agreed for the final unit in phase three.
The update by LXB said: “Progress continues to be made on final lettings albeit in a very challenging occupational market.
“In the phase two leisure element, contracts have been exchanged with Out of Office Coffee to take a 1,100 sq ft unit and terms are agreed and solicitors instructed on a unit of 1,950 sq ft.
“In addition, terms are agreed on a further restaurant unit of 3,500 sq ft.
“This leaves two final units to let comprising a combined floorspace of 6,000 sq ft.
“On phase three, the retail terrace, terms are agreed for the final 6,000 sq ft unit.
“The build contracts for both phases remain on target with practical completion of phase two due in January 2019 and practical completion of phase three in June 2018.
“On phase four, The Garden Square, a resolution to grant planning consent was approved at the planning committee of East Northamptonshire District Council on 14 March 2018.
“The scheme will go back to the April planning committee to finalise the wording of several planning conditions which were deferred by the committee in March.
“The application will then need to be referred to the Department for Communities and Local Government to confirm that they do not wish to call the scheme in for review.
“The Garden Square comprises 13 units totalling 17,500 sq ft of ground floor space.
“At present three units are in solicitors hands with terms agreed on a further two units.”
The update also refers to the ongoing improvements on the A45 and surrounding roads, stating: “At Rushden Lakes discussions are ongoing with Highways England to resolve any outstanding liabilities in relation to the highways contract although at the current time there is no further material progress to report.”
Once all phases are completed, 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.