Stafford - Riverside/Bridge Street

Size

Three adjacent development sites (separated by the River Sow) on the south-eastern edge of Stafford town centre each with direct access to the Stafford town centre ring road. The main property is a site of about 4.75 acres, which is in the final stages of development, whilst the second site comprises of about 1.85 acres and contains a recently completed development for leisure uses and a multi-storey car park.The third site is subject to a planning permission for the development of a six screen multiplex cinema and adjoining restaurant/leisure unit. 

Location

Riverside / Bridge Street, South Walls / Queensway, Stafford ST16 2HJ

Tenant(s)

Agreements for Lease have been exchanged with M&S and Primark to take 65,000 sq ft and 56,000 sq ft 'anchor' stores respectively. Further Agreements for Lease have been exchanged with Arcadia (trading as 'Outfit'), River Island, H&M, New Look, Costa Coffee and JD Sports. Negotiations are ongoing in respect of all of the few remaining un-let units. The retail element of the scheme is now over 90% pre-let.

Contact

Carl Barrand
cbarrand@lxbproperties.com

Details

The company owns the freehold interest in two retail development sites on the fringe of Stafford town centre. Planning permission was originally obtained in February 2012 for the development of a retail scheme in excess of 192,500 sq ft together with about 1,200 car parking spaces. Subsequently, a further planning permission was granted in August 2013 to increase the retail floorspace to 234,000 sq ft and to accommodate the increased size requirement of the second 'anchor' store. 

A planning application was granted in September 2014 for the development of a multiplex cinema and a restaurant unit on part of the site adjoining the proposed new multi-storey car park. Pre-lets have been acheived to Odeon, Nandos, Prezzo, Chiquitos and Coal Grill and Bar with good interest in the remaining two units. 

Construction commenced in 2014 on both sides of the river. The multi-storey car park (which contains over 1000 spaces) has recently been completed and is now open and trading, whilst the main Riverside Retail scheme is due for completion in early summer 2016 with the majority of the retail tenants already having taken access to fit-out their units. 

Construction of the cinema element of the development is due to start in late spring/early summer 2016.