£40m retail scheme planned for The Lakes
Rushden Lakes Shopping Centre is set to undergo a £40m development after being bought by LXB Retail Properties for £4.5m. Subject to planning permission, the Northampton site which spans 244 acres could host an office scheme, retail site and hotel, creating up to 350 jobs. The developer said the retail scheme would comprise a garden centre and secondary shopping unit with the potential addition of a hotel and leisure services.
Thirty-one acres of land alongside the A45 is brownfield land and benefits from an extant planning permission for 550,000 sq ft of offices. The planning permission is in the stages of being renewed, said LXB.
East Northamptonshire Council is also in discussions with the developer to bring forward an alternative retail scheme of up to 250,000 sq ft to The Lakes. The scheme would comprise a garden centre and additional retail and home and lifestyle shopping facilities.
The scheme would be constructed as part of a shopping park at a total estimated cost of £40m.
Subject to planning permission, the site could potentially host a hotel and various leisure activities, said the developer. Once fully developed, The Lakes could employ more than 350 people in retail and leisure services.
Tim Walton, chief executive officer of LXB Manager LLP, said: "The site is extremely well located and the principle of development on the brownfield element of the site has already been confirmed. We are working with the local authority to bring the site forward for development and have been approached by several key anchor tenants who have identified its important position in East Northamptonshire".
The shopping centre is located opposite a Waitrose Food & Home store, a Focus DIY and a Lidl.
LXB said its proposed offer at The Lakes will be "complementary to and supportive of the existing Rushden High Street, and measures will be taken to ensure both shopping offers remain viable options for customers through linked trips and greater choice".
