Developer NewRiver has completed deals to unlock a major mixed-use regeneration of Burgess Hill town centre in Sussex.
The deals involve a pre-sale of the existing residential element of the scheme and agreement for lease with Mid Sussex District Council for a the Martlets shopping centre redevelopment.
The 465,000 sq ft redevelopment of the existing shopping centre forms a key element of NewRiver’s 1.9m sq ft development pipeline.
As well as 142 flats, the redevelopment will provide a 10-screen multiplex cinema, a 63-bed hotel, an improved retail offer and new restaurant and leisure provisions, additional car park spaces, an improved public realm and a new purpose-built library for the Council.
The retail and leisure element of the scheme is already 50% pre-let, with high quality and long dated income secured from Cineworld, Nandos, Next, Travelodge and Wildwood.
Allan Lockhart, Property Director, NewRiver said: “The pre-sale of the entire residential component of our Burgess Hill redevelopment, puts us in a strong position to begin construction.”
Having recently received planning consent for our major mixed-use regeneration in Cowley, Oxford, we are seeing real momentum in our risk-controlled development pipeline, which we are confident will be a significant driver of long term returns for our shareholders.”
from Construction Enquirer http://www.constructionenquirer.com/2017/07/24/deal-to-start-100m-sussex-shopping-centre/
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