Staffs in £70m retail boost
More than £70m worth of retail development is being injected into Staffordshire after a deal was struck with the county council and investor LXB Retail Properties. The deal could create about 650 jobs, said the property investor.
LXB Retail has snapped up the old Riverside Recreation Centre site in the heart of Stafford, together with the leasehold interest in the Bridge Street Multi Storey.
Both Staffordshire County Council and Stafford Borough Council said they are now in "advanced talks" with LXB Retail over the purchase of the town’s Kingsmead car park site which they have been marketing as a retail opportunity since 2009.
The retail investor said outline terms have already been conditionally agreed to lease the ’anchor’ store on the Riverside site to a major retailer. About 650 jobs and more than 1,600 car parking spaces are expected to be created by the scheme.
The former recreation centre land would provide some 220,000 square foot of retailing whilst the Kingsmead site has been earmarked for another retail development of 70,000 sq ft.
A planning application is expected to be submitted within the next few months with construction work anticipated to start next year.
