UK supermarket chain Morrisons has secured a lease to open a new £55,000 sq ft store on the Isle of Sheppey, it has been revealed.
The lease is for a 25 year period but is conditional on the retailer securing the appropriate planning consent.
LXB Retail Properties has acquired the 20 acres of the land on the island, which is the location of the proposed development, from The Crown Estate in a deal worth £4.127 million.
Tim Walton, CEO of LXB Manager LLP, said: “We are delighted to have concluded LXB’s third major acquisition since our IPO and our first major pre-let to Morrison.
“The scheme will fill a major gap in the retail provision of the Isle of Sheppey which has a population of over 40,000 and which sees significant retail spend being lost to Sittingbourne and beyond.”
Isle of Sheppey is located off the north coast of Kent in the Thames Estuary and covers an area of 36 sq miles.
Along with the new Morrisons the development will bring 2,000 new homes, over one million sq ft of employment space, will add education and health facilities and a new 180 berth marina.
Morrisons announced plans to expand its store portfolio and online offering earlier this month after reporting a seven per cent increase in turnover in its last financial year.