LXB Retail Properties, the Jersey-based retail specialist investor now in its third trading year, has moved rapidly on its acquisition of the Railway Triangle site for £6.1 million in Gloucester in August.
Today it announced that it has obtained a resolution to grant planning permission for its retail and mixed-use development, after members at Gloucester City Council unanimously supported the plans, which comprise a 70,000 sq ft foodstore pre-let for 25 years to Wm Morrison Supermarkets, 140,000 sq ft of employment space, an 11,000 sq ft car showroom and 8,000 sq ft of restaurant units. The resolution to grant is subject to the usual planning and construction conditions and the signing of a S.106 agreement.
LXB plan to start work on the Morrisons element of the £34 million scheme in spring 2012.
The 18 acre site at Metz Way is close to the town centre, and has been linked to various proposals, such as plans for a snow dome, an ice rink and a new stadium for Gloucester Rugby, but all have failed. This property development, it is hoped, will encourage further development of the remaining land by the railway station.
Paul James, leader of Gloucester City Council, said the approval was "good news" and developers were eager to start early in the new year.
"It's a site that has been derelict for 20 years and here we have a scheme that doesn't rely on any public subsidy and where they are keen to get on with it very quickly," he said.
Tim Walton CEO of LXB Manager LLP said:
"We are delighted with this positive news and are looking forward to delivering a new store for Morrisons in Gloucester. In terms of the employment space, we are in discussion with a number of occupiers and we are encouraged by the level of interest so far. It is anticipated that the first phase will be completed by the third quarter of 2013."
"It is very exciting to have secured another planning consent for the group. LXB has a number of applications pending elsewhere around the UK and I expect further positive news on planning in the months ahead."
Tesco, our number one grocer, today reported that it is still losing the battle for market share to rivals in the UK despite the Big Price Drop campaign. Its LFL sales in the UK in Q3 rose only 0.1%, but sales at stores open more than a year fell 0.9%.
Across its 2,700 UK stores Tesco said it was seeing the early signs of stronger performance from the second phase of its pricing campaign with stronger non-food sales. In the grocery market, however, their share slipped to 30.5% in the 12 weeks to Nov. 27, according to Kantar Worldpanel, which said customer numbers rose because of the promotion, even as revenue lagged behind gains at rivals.
The only really good news in their interim statement is that after years of trying they seem to have unlocked the secret to success in the USA, where sales were up 29% on Q3 2010.
Yesterday Tesco announced that Kevin Grace, its UK Property Director since 2006 has been appointed Group Commercial Director, to improve how it obtains products and services globally. Clearly the expansion phase of the UK property portfolio is at an end.
Today it announced that it has obtained a resolution to grant planning permission for its retail and mixed-use development, after members at Gloucester City Council unanimously supported the plans, which comprise a 70,000 sq ft foodstore pre-let for 25 years to Wm Morrison Supermarkets, 140,000 sq ft of employment space, an 11,000 sq ft car showroom and 8,000 sq ft of restaurant units. The resolution to grant is subject to the usual planning and construction conditions and the signing of a S.106 agreement.
LXB plan to start work on the Morrisons element of the £34 million scheme in spring 2012.
The 18 acre site at Metz Way is close to the town centre, and has been linked to various proposals, such as plans for a snow dome, an ice rink and a new stadium for Gloucester Rugby, but all have failed. This property development, it is hoped, will encourage further development of the remaining land by the railway station.
Paul James, leader of Gloucester City Council, said the approval was "good news" and developers were eager to start early in the new year.
"It's a site that has been derelict for 20 years and here we have a scheme that doesn't rely on any public subsidy and where they are keen to get on with it very quickly," he said.
Tim Walton CEO of LXB Manager LLP said:
"We are delighted with this positive news and are looking forward to delivering a new store for Morrisons in Gloucester. In terms of the employment space, we are in discussion with a number of occupiers and we are encouraged by the level of interest so far. It is anticipated that the first phase will be completed by the third quarter of 2013."
"It is very exciting to have secured another planning consent for the group. LXB has a number of applications pending elsewhere around the UK and I expect further positive news on planning in the months ahead."
Tesco, our number one grocer, today reported that it is still losing the battle for market share to rivals in the UK despite the Big Price Drop campaign. Its LFL sales in the UK in Q3 rose only 0.1%, but sales at stores open more than a year fell 0.9%.
Across its 2,700 UK stores Tesco said it was seeing the early signs of stronger performance from the second phase of its pricing campaign with stronger non-food sales. In the grocery market, however, their share slipped to 30.5% in the 12 weeks to Nov. 27, according to Kantar Worldpanel, which said customer numbers rose because of the promotion, even as revenue lagged behind gains at rivals.
The only really good news in their interim statement is that after years of trying they seem to have unlocked the secret to success in the USA, where sales were up 29% on Q3 2010.
Yesterday Tesco announced that Kevin Grace, its UK Property Director since 2006 has been appointed Group Commercial Director, to improve how it obtains products and services globally. Clearly the expansion phase of the UK property portfolio is at an end.
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