NewRiver Retail Limited
("NewRiver" or "the Company")
NewRiver granted approval for significant regeneration in Erdington, Birmingham
NewRiver Retail Limited (AIM and CISX: NRR), the UK REIT specialising in value-creating retail property investment and active asset management, announces it has been granted detailed planning permission by Birmingham City Council for a significant redevelopment of the Central Square Shopping Centre and Erdington town centre.
The 45,000 sq ft regeneration project of Central Square Shopping Centre, acquired by NewRiver in 2010 as part of a portfolio of five shopping centres, will provide for a new 25,000 sq ft sales area food store with the creation of four additional independent retail units totalling c.20,000 sq ft and a new 230-space surface car park.
Working in partnership with Birmingham City Council, the innovative regeneration plans, widely supported by the local community, will be of major economic benefit for the town and existing retailers. The scheme's compliance with the City Council's objective to safeguard the vitality of the town centre was fully recognised and welcomed.
This major town centre development demonstrates NewRiver's active asset management expertise and the company's ability to enhance the value of its assets. The latest approval marks the continued progress of NewRiver's development initiatives and the Company's risk-controlled development programme across the portfolio.
Allan Lockhart, Property Director at NewRiver said: "We are delighted to have received unanimous approval for our extensive regeneration of Central Square shopping centre and Erdington town centre. This major redevelopment will act as a catalyst for the regeneration of the area and demonstrates our commitment to enhancing our asset base and to revitalising the local area.
"The introduction of a major new food store will significantly improve the retail offer, drive increased footfall to the area and create approximately 250 jobs all for the benefit of the town, customers and local retailers. We now intend to work with all stakeholders to advance this important town centre regeneration."
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For further information
NewRiver Retail Limited David Lockhart, Chief Executive Mark Davies, Finance Director |
Tel: 020 3328 5800 |
Pelham Bell Pottinger David Rydell/Guy Scarborough |
Tel: 020 7861 3232 |
Cenkos Securities Ian Soanes/Max Hartley |
Tel: 020 7397 8900 |
Investec Bank plc Garry Levin/David Anderson |
Tel: 020 7597 5970 |
About NewRiver
NewRiver Retail Limited is a REIT status specialist real estate investor and asset manager focusing solely on the UK retailing sector with a particular focus on food and value retailing. The management team, with over 100 years combined experience in the UK commercial property market, actively engages with retailers, stakeholders and consumers. With assets under management of £400 million comprising 23 UK wide shopping centres, 16 high street retail units and two supermarkets, the portfolio has 732 occupiers, a total of 2.8 million square feet, total annual footfall of over 65 million and an occupancy rate on its retail estate of 94%. The Company's activities include active and entrepreneurial asset management and risk controlled development, utilising both its own balance sheet and co-investment joint venture structures. It is NewRiver's intention to become one of the leading sector-focused value-creating property investment businesses operating in the UK retail sector. The Company was founded in 2009 and its shares were admitted to London's AIM and Channel Islands Stock Exchange (CISX) in September of the same year. For more information on NewRiver, please visit www.nrr.co.uk
