Two large sites either side of the River Sow in Stafford are to be re-developed as retail units after being purchased in a property deal announced today.
Real estate company LXB Retail has bought the 4.75 acre cleared site on the northern side of the river and the 1.85 acre disused former foodstore adjacent to it.
Both pieces of land were privately owned and acquired for a joint consideration of £10.1 million, as part of wider plans by LXB to revitalise the retail offering in the area.
Philip Atkins, Stafford County Council Leader, said: “LXB Retail is a well funded company which we believe will deliver lots of exciting business opportunities for the town and give our residents the retail facilities they deserve.”
LXB has been working with the local Borough Council on a 220,000 sq ft retail scheme on the edge of the town centre, and the company has now confirmed that a major retailer has conditionally agreed a lease for the 65,000 sq ft anchor store, subject to planning permission being granted later this year.
Discussions have also been progressing on a another site on the edge of the town which LXB hopes to transform into a sizable foodstore-led scheme, and hopes to submit planning applications for it at the same time as its other proposed constructions.
Tim Walton, CEO of LXB Manager, commented: “This is another exciting retail development opportunity for LXB Retail which was recognised as one of our ‘pipeline’ opportunities with a well located site, identifiable tenant demand and pro-active local authorities and typifies the areas in which we seek to do business.
“We look forward to helping to enhance the retail facilities of Stafford town centre with a high quality development.”
Along with its work in Stafford, LXB has also been busy helping Morrisons expand its operations to the Isle of Sheppey, off the coast in Kent.
In a deal agreed in March, the property firm purchased the land for £4.127 million from The Crown Estate before securing a 25 year lease with the supermarket chain.