NewRiver Retail wins planning approval
NewRiver Retail Limited
("NewRiver" or "the Company")
NewRiver Retail wins approval for major redevelopment of The Forum Shopping Centre, Newcastle-upon-Tyne
NewRiver Retail Limited (AIM and CISX: NRR), the UK REIT specialising in value-creating retail property investment and active asset management, announces that it has received detailed planning approval from North Tyneside Council for a major redevelopment of its Forum Shopping Centre in Wallsend, Newcastle-upon-Tyne.
The approval is the latest in a raft of NewRiver initiatives to enhance its asset base through its core strategy of active asset management and risk-controlled development.
Development will now commence to modernise the Centre including the addition of significant new retail space including a 46,000 sq ft food store and a 300 space surface car park.
Importantly, NewRiver will re-model the former Co-operative store to provide four large retail units totalling 28,500 sq ft. NewRiver will also undertake a major refurbishment of the shopping centre that will include new entrances, modern lighting and signage, an upgrade to the roof areas, the installation of new retail merchandising units and free wi-fi throughout.
The development plans represent a prime example of the Company's asset enhancement and management skills. NewRiver's ambition is to create a highly attractive town centre that will draw a wider range of retailers and leisure providers to this vibrant north east town.
Acquired in December 2010, the 91,000 sq ft centre has benefitted significantly from NewRiver's active management strategy. Notably the reduction of void rates by three per cent to five per cent, the introduction of significant tenants including Phones 4U, the Post Office and North Tyneside Customer Service Centre and a total investment to date of over £1 million.
In addition, the Company is pleased to announce that the planning application to significantly expand the Deeping Centre in Market Deeping, Peterborough, has moved into the final approval stages. The development plans will provide two modern retail units of 8,000 sq ft and 10,000 sq ft on a site covered by a now demolished former print workshop and under-utilised car park.
The proposal will have a positive impact on the popular market town increasing consumer choice, developing the local economy and creating jobs in the area. The Company's plans respond to the demand for additional retail space identified by the local Council's retail study. NewRiver anticipates a decision in the coming weeks.
Property Director at NewRiver, Allan Lockhart said:
"We are delighted to have been granted planning permission to modernise The Forum Shopping Centre. The major refurbishment demonstrates our commitment to the continual improvement of our centres and the progression of our extensive development strategy. We have worked closely with the local council to enhance the customer retail experience in the local area as well as support our existing retailers by improving footfall and encouraging customers to spend more time in the town centre.
"Our additional planning application for the expansion of The Deeping Centre responds to a growing demand for new retail space which we are experiencing across the country and we look forward to a decision in the coming weeks."
-Ends-
For further information
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NewRiver Retail Limited David Lockhart, Chief Executive
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Tel: 020 3328 5800 |
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Pelham Bell Pottinger David Rydell/Guy Scarborough
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Tel: 020 7861 3232 |
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Cenkos Securities Ian Soanes/Max Hartley
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Tel: 020 7397 8900 |
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Investec Bank plc Garry Levin/David Anderson |
Tel: 020 7597 5970 |
About NewRiver
NewRiver Retail Limited is a REIT status specialist real estate investor and asset manager focusing solely on the UK retailing sector with a particular focus on food and value retailing. The management team, with over 100 years combined experience in the UK commercial property market, actively engage with retailers, stakeholders and consumers. With assets under management of over £275 million comprising 16 UK wide shopping centres, 16 high street retail units and two supermarkets, the portfolio has 533 occupiers, a total of 1.9m square footage, total annual footfall of over 45million and an occupancy rate of 96%. The Company's activities include active and entrepreneurial asset management and risk controlled development, utilising both its own balance sheet and co-investment joint venture structures. It is NewRiver's intention to become one of the leading sector-focused value-creating property investment businesses operating in the UK retail sector. The Company was founded in 2009 and its shares were admitted to London's AIM and Channel Islands Stock Exchange (CISX) in September of the same year. For more information on NewRiver, please visit www.nrr.co.uk
This information is provided by RNS
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