The Crown Estate has committed to fund the development of the £140 mln (€191 mln) Rushden Lakes shopping and leisure scheme at Rushden, Northamptonshire, purchasing the site from existing owner, LXB Retail Properties PLC.
Works will commence for the first phase of the Rushden Lakes development towards the end of 2015, creating around 400,000 ft² (37.161 m²)of new retail and restaurant accommodation, set against a unique leisure offer for visitors. The scheme also includes a lake, which will be made available for activities like canoeing and wakeboarding, with a series of restaurants and a visitor center looking out over the water.
Occupiers already signed up to take space at Rushden Lakes include H&M, Costa and M&S, with development on site expected to start in autumn 2015 and project completion set for the summer of 2016.
Hannah Milne, Regional Portfolio Manager, said: “Rushden Lakes will be the first in a new generation of shopping parks, setting an entirely new standard for the retail and leisure experience offered by assets of this type. We will see occupiers coming to Rushden Lakes that have never traded out of town before, demonstrating the quality of the scheme.
Source: The Crown Estate