LXB Retail has bought two sites in Stafford for £10.1m.
The two sites, which were bought from two separate private owners, total 6.6 acres. The main property is a cleared 4.75 acre sites that houses a temporary car par, the second site comprises a disused former foodstore and vacant multi-storey car park.
LXB Retail said that it had been working with Stafford borough council to progress the development of an edge-of-centre retail scheme comprising around 220,000 sq ft of shops and in excess of 1,200 car parking spaces.
Outline terms have been conditionally agreed with a major retailer to lease the anchor store of circa 65,000 sq ft. Plans will be submitted for the scheme later this year.
LXB Retail is also in advanced discussions with both Stafford council and Staffordshire county council in relation to the purchase of another site on the edge-of-the-town centre for a sizeable foodstore-led development, which LXB envisages being brought forward with a similar timescale for planning application submission.
LXB chief executive Tim Walton said: “This is another exciting retail development opportunity for LXB Retail, which was recognised as one of our pipeline opportunities with a well located site, identifiable tenant demand and pro-active local authorities and typifies the areas in which we seek to do business.”
samantha.mcclary@estatesgazette.com
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