Update from developer on what's coming next to Rushden Lakes
The developer behind Rushden Lakes has given an update on the next three phases of the scheme, including details of another new shop on the way.
LXB, the developer behind the new retail and leisure scheme, has just published its results for the year ending September 30, 2017.
As part of this, a report by the developer’s investment manager has given an update on Rushden Lakes, including how phases two, three and four are progressing and potential cost over-runs in connection with the highways improvements.
It says: “This investment was sold to The Crown Estate in May 2016.
“The sale terms provided that The Crown Estate would fund the development costs, with the group retaining responsibility for a number of project related matters as well as for letting the remaining vacant space. “The group has recently announced that it has secured an enhanced planning consent for a further 215,000 sq ft of retail and leisure space to be delivered over three additional phases of development and that the revised agreement providing for The Crown Estate to fund the next two phases at Rushden Lakes is now unconditional.
“Rushden Lakes is now planned in four phases with Phase 1, anchored by M&S, Primark and House of Fraser, now open and 96 per cent let.
“Additionally, a 4,649 sq ft unit has been let to Superdry and a 2,729 sq ft has been let to Magazine Heaven (both subject to planning) and a further lease with Robert Goddard for the final 2,352 sq ft at Phase 1 is in solicitors’ hands.
“The contractor is already on site with Phases 2 and 3, with the anticipated practical completion dates being January 2019 and June 2018 respectively.
“Work on Phase 4 is expected to start in May 2018.
“90 per cent of the Phase 2 space is pre-let, with a further two per cent in solicitors’ hands.
“Phase 3 is 63 per cent pre-let and another 20 per cent is currently in solicitors’ hands.”
Phase two of the project includes the multi-screen cinema as well as more shops and restaurants.
As well as providing an update on future phases of the development, the report also mentions the road improvements being made to the A45.
It says: “The group remains in discussion with Highways England concerning potential cost over-runs in connection with the highways improvements at Rushden Lakes and will update further when it is appropriate to do so.”