Legal & General Property (LGP), owner of the former Elstree Business Centre on Elstree Way, in Borehamwood, Hertfordshire, has today unveiled images of its £10 million (approx. 12.4 million) plans to regenerate the site.
A new Wickes store will replace the current store in Borehamwood Shopping Park.
The proposals include a new Wickes store, which will replace the current store in Borehamwood Shopping Park, along with nine industrial and warehouse units. Demolition of the existing obsolete buildings is well underway and, if approved, the plans are expected to generate a significant number of jobs for the local area.
Chris Pearse, Head of Business Space at Legal & General Property, comments: "This is one of the first significant planning applications for a commercial site in Borehamwood for a number of years. Securing Wickes as an occupier means we can start building as soon as we get planning permission, which will create much needed new jobs for local people.
"This is a great opportunity to kick-start the local economy and we hope councilors will look favorably on the planning application when it comes before the committee next month."
A planning application was submitted in March a following public consultation during January 2012 and Hertsmere Borough Council's planning committee is expected to make a decision on the scheme in the next few weeks. Subject to planning approval, construction could start later this year with the new Wickes store opening in late 2013.
Source: FTI Consulting