Rushden Lakes at Nene Valley

Size

The entire freehold site ownership extends to 244 acres of which 31 acres are developable. 

Location

The developable area sits alongside the A45 on the edge of Rushden in Northamptonshire. The site is situated opposite a Waitrose Food & Home store, Wickes and a Lidl. The A45 is the main arterial route between Junction 15 of the M1 at Northampton and the A14/A1 Junction. The catchment area is large with over 100,000 people living within a 10 minute drive time and over 600,000 within a 30 minute drive time (2001 Census). 

Tenant(s)

M&S, House of Fraser and Primark have exchanged contracts to anchor the development alongside H&M, River Island, New Look, Schuh, Fatface, Moss Bros, Jigsaw, Hobbs of London, Phase Eight, L'Occatine, Joules and Paperchase. We are also in discussions with many other retailers but are already over 70% let. 

Details

In October 2012, East Northamptonshire District Council unanimously resolved to grant planning permission at Rushden Lakes for 465,000 sq ft of mixed use retail and leisure. The Secretary of State ‘called In’ the application and an inquiry was held in June 2013. Planning has now subsequently been granted by the Secretary of State and work has started on site.

The site is situated opposite a Waitrose Food & Home store, a Wickes and a Lidl store. The A45 is the main arterial route between Junction 15 of the M1 at Northampton and the A14/A1 Junction. The development will comprise a 74,000 sq ft home and garden centre, 340,000 sq ft of retail units across three terraces, a drive-thru restaurant, lakeside visitor centre and restaurants. A hotel, crèche and leisure club will also be included on the site and it is estimated that the combined leisure, tourism and retail offering will attract over 3 million visitors annually.

The SSSI will be integrated with the retail scheme to promote increased ‘dwell time’ by visitors and the combined retail and leisure destination will include a visitors’ centre, a marina and boathouse, footpaths and cycle routes through the SSSI, and access into neighbouring tourist attractions such as Stanwick Lakes. LXB is in discussions with the Wildlife Trust about taking on the long term management of the remainder of the SSSI for future generations. On completion, the Group’s £52m investment will create over 2,000 new direct and indirect jobs.

Rushden Lakes has now been bought by The Crown Estate and LxB have been retained as Development Manager to deliver the phased programme. TCE will fund the future development costs with LXB retaining responsibility for overseeing the development and lettings.

Rushden Lakes will be developed in three phases:

  • Construction of Phase 1, which includes three retail terraces and associated restaurants, is under way and the terraces built under this phase are expected to open to the public in spring 2017. Phase 1 will be anchored by M&S, House of Fraser and Primark with a further 30 retail units;
  • Phase 2 comprises an 11 screen cinema pre-let to Cineworld with further restaurants and a wider leisure offer. It is anticipated that construction will commence prior to March 2017; and
  • Phase 3 for which a revised planning application will be submitted later this calendar year.

Please click the link below to view the Rushden Lakes at Nene Valley video presentation:

http://youtu.be/zxS8-AwZTiE