NewRiver REIT signs development agreement – NewRiver has been appointed by Basingstoke and Deane Borough Council as its nominated developer to bring forward the risk-controlled redevelopment of a 66 acre leisure park in a prominent location in Basingstoke in close proximity to junction 6 of the M3 motorway.
Capitalising on the growing popularity of integrated leisure and retail, NewRiver’s proposals currently comprise approximately 500,000 sq ft of leisure and approximately 200,000 sq ft of designer outlet shopping. The company is confident that this unique combination of leisure and designer outlet shopping will appeal to the local community and a catchment significantly beyond Basingstoke in one of the UK’s most affluent regions. This opportunity will be progressed in line with NewRiver’s risk-controlled development approach and stated financial policies.
The council and NewRiver have entered into a long-term development agreement which is conditional on achieving planning consent and pre-lets as well as a viability assessment. In the event that the development agreement becomes unconditional, the council will grant NewRiver a 250 year leasehold interest.
Outline plans for the leisure facilities include the introduction of exciting new leisure experiences for families and the wider community with a cinema, popular family restaurants and hotel. Plans also include a modern aquatic leisure centre with gym, to be operated by the council, and a designer outlet village which will focus on designer brands at affordable prices and complement the existing town centre retail offer.
The project is estimated to generate over 2,000 jobs and set to create an outstanding leisure and designer-outlet shopping destination of choice for the south of England, contributing to the long-term vision of Basingstoke as a leading town in the region. The council is presently working towards the delivery of 15,000 new homes for the borough by 2029.
On-site works could begin from 2023, subject to planning consent.
Allan Lockhart, Property Director commented: “We are delighted to have signed the development agreement with Basingstoke and Deane Borough Council, one of the UK’s most forward-thinking and commercially astute councils, to deliver a first of its kind leisure and retail destination of national appeal. Capitalising on the emerging trend of integrated leisure and retail, this exciting development is yet another example of NewRiver identifying an opportunity to create value from a site that offers significant unrealised potential through the creation of a truly unique leisure and retail destination.”
Cllr Robert Tate, Cabinet Member for Finance, Service Delivery and Improvement at Basingstoke and Deane Borough Council, said: “The current leisure park is in need of a vibrant, modern and exemplary redevelopment. Through this exciting and innovative national-scale project, we can continue to give our residents access to ‘best in class’ leisure facilities in the future. The new leisure park will strengthen Basingstoke’s appeal to a much wider catchment area, attracting visitors who do not currently come to Basingstoke by meeting their leisure and shopping needs whilst retaining spend in the town from local residents.”
NRR : NewRiver REIT signs development agreement