Isle of Sheppey - Neats Court

Size

Neats Court is a 20 acre freehold development site forming part of a wider mixed-use regeneration scheme being promoted by The Crown Estate and SEEDA.  

Location

Neats Court is located on the Isle of Sheppey, mid-way between Sittingbourne and Sheerness town centres. The site is prominently located adjacent to the A249 trunk road, the main traffic route running through the island.  

Tenant(s)

Phase 1 (Foodstore and Drive Thru completed May 2013) - Morrison's and KFC.

Phase 2a/2b (Retail Warehousing completed October 2014) - B&M, Iceland, Sports Direct, Poundland, The Original Factory Shop, GHM, Cancer Research.

Phase 2c (Pub and restaurant units) - Marston's (Costa Coffee, Burger King, Subway and Starbucks pre-let)

Contact

Giles Haywood
ghaywood@lxbproperties.com

Details

The Group obtained planning consent in January 2012 for a mixed-use development comprising a 55,000 sq ft Morrison’s foodstore, 40,000 sq ft of retail warehousing and a KFC drive-thru restaurant unit together with 80,000 sq ft of light industrial space. The site was acquired from the Crown Estate and the HCA for £4.5 million in October 2012. 

Phase 1 of the development (Morrison’s and KFC) was completed in May 2013 at which time Morrison’s acquired the freehold interest in the foodstore and the KFC as an investment for a total sum of £17.9 million. 

A revised planning application for Phase 2 was approved in May 2013 which increased the retail warehousing floorspace from 40,000 sq ft to 68,300 sq ft together with 7,500 sq ft of A3 accommodation.  The retail warehouse element of Phase 2 completed in October 2014 with tenants including
B&M, Iceland, Sports Direct, Poundland, The Original Factory Shop, GHM and Cancer Research. This element of the development was acquired by Lightstone Neatscourt LLP in January 2017 for £11.34 million.    

The final phase of the development comprises a pub / restaurant for Marston’s (to whom a plot was sold to in October 2015) together with a further 10,000 sq ft of smaller A3 / retail units.  These units are under construction with completion due for May 2017. Pre-lets are in place with Costa Coffee, Burger King, Subway and Starbucks.