Developer NewRiver has completed deals to unlock the planned mixed-use regeneration of Burgess Hill town centre in Sussex.
The deals involve a pre-sale of the key residential part of the scheme and agreement for lease with Mid Sussex District Council for the Martlets shopping centre redevelopment.
The 465,000 sq ft redevelopment of the existing shopping centre forms a key element of NewRiver’s 1.9m sq ft development pipeline.
As well as 142 flats, the redevelopment will provide a 10-screen multiplex cinema, a 63-bed hotel, an improved retail offer and new restaurant and leisure provisions, additional car park spaces, an improved public realm and a new purpose-built library for the Council. The retail and leisure element of the scheme is already 50% pre-let, with high quality and long dated income secured from Cineworld, Nandos, Next, Travelodge and Wildwood.
Allan Lockhart, property director at NewRiver said: “The pre-sale of the entire residential component of our Burgess Hill redevelopment, puts us in a strong position to begin construction.”
Having recently received planning consent for our major mixed-use regeneration in Cowley, Oxford, we are seeing real momentum in our risk-controlled development pipeline, which we are confident will be a significant driver of long term returns for our shareholders.”
