Agreement for Joint Venture in Burgess Hill
Summary by AI BETAClose X
NewRiver REIT plc
("NewRiver" or the "Company" or the "Group")
Over-Arching Agreement signed with Mid Sussex District Council
to deliver major regeneration Joint Venture
NewRiver announces that it has entered into a conditional Agreement to form a Joint Venture with Mid Sussex District Council, to deliver the mixed-use regeneration of The Martlets shopping centre in Burgess Hill, Mid Sussex.
The Agreement sets out the conditional framework for the two parties' shared ambition to deliver the proposed regeneration of The Martlets Shopping Centre, that will transform the outdated 1970's centre into a modern and vibrant retail and leisure destination in the heart of the town, and create new homes and jobs.
The proposed development has planning consent to deliver 172 new homes, a 102 room hotel, 50,000 sq ft of new retail including a 21,000 sq ft food store and enhanced public realm.
The Joint Venture will be formalised once a series of conditions have been realised including the sale of the residential site which is under offer, and pre-lets of the food store and hotel for which the legal negotiations are well advanced. It is anticipated that the Agreement's conditionality will be satisfied by the end of March 2026, with construction due to commence summer 2026 and completing in 2028.
Allan Lockhart, Chief Executive at NewRiver commented: "This conditional Agreement represents a major milestone for the delivery of a flagship town centre regeneration and the creation of a high impact and transformative partnership. We have worked with Mid Sussex District Council over the years to deliver a capital light and commercially viable strategy to regenerate The Martlets. We look forward to working together to deliver this exciting regeneration project that will create lasting value for the Burgess Hill community and our shareholders."
Kathryn Hall, Chief Executive at Mid Sussex District Council commented: "This Agreement provides the structure for an ambitious joint venture that brings together our respective strengths across public and private partnership. The regeneration of The Martlets forms part of Mid Sussex District Council's long-term masterplan for the region which has already seen significant investment and progress. We will now focus on satisfying the conditions and we look forward to moving into the next phase of delivering this important regeneration for the Burgess Hill community and wider area which will bring about lasting long-term prosperity."
Ends
For further information
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NewRiver REIT plc |
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+44 (0)20 3328 5800 |
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Allan Lockhart (Chief Executive) Will Hobman (Chief Financial Officer) |
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FTI Consulting |
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+44 (0)20 3727 1000 |
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Dido Laurimore Eve Kirmatzis |
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About NewRiver
NewRiver REIT plc ('NewRiver') is a leading Real Estate Investment Trust specialising in buying, managing and developing resilient retail assets throughout the UK. Following the completion of its acquisition of Capital & Regional in December 2024, NewRiver has a £0.8 billion UK wide portfolio covering 7.7 million sq ft, comprising 25 community shopping centres and 13 conveniently located retail parks occupied by tenants predominately focused on essential goods and services. In addition, we manage 19 shopping centres and 18 retail parks on behalf of Capital Partners, taking our total Assets Under Management to £2.3 billion. Our objective is to own and manage the most resilient retail portfolio in the UK, focused on retail parks, core shopping centres and regeneration opportunities to deliver long-term attractive recurring income returns and capital growth for our shareholders.
NewRiver is listed on the Equity shares (commercial companies) category of the Main Market of the London Stock Exchange (ticker: NRR). Visit www.nrr.co.uk for further information.
LEI Number: 2138004GX1VAUMH66L31
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