Crown Estate signs deal for 'next generation' shopping park

The Crown Estate has confirmed that it is to fund the 140 million pound Rushden Lakes shopping park development in Northamptonshire, after purchasing the site from existing owner LXB Retail Properties.

Billed as a ‘next generation’ shopping park, it will accommodate more than 400,000 square feet of retail and restaurant sites, and due to the location being set against a lake it will also feature a unique leisure offering including canoeing and wakeboarding.

Hannah Milne, The Crown Estate regional portfolio manager, explains: “Rushden Lakes will be the first in a new generation of shopping parks, setting an entirely new standard for the retail and leisure experience offered by assets of this type. We will see occupiers coming to Rushden Lakes that have never traded out of town before, demonstrating the quality of the scheme.”

The development has already attracted numerous retailers including H&M and Marks and Spencer, and work is expected to start in autumn 2015 for completion in the summer of 2016.

Crown Estate to fund 140 million pound Rushden Lakes development

Milne added: “Having rapidly become one of the UK’s largest owners of dominant shopping parks, our commitment to Rushden Lakes is an example of our ambition to lead the sector in terms of the quality of our portfolio and our progressive approach to asset management.”

The scheme will be developed by LXB which took the scheme through planning to gain consent from East Northamptonshire District Council. The site also includes two areas adjacent to the main scheme which are being considered by LXB and The Crown Estate for future development.

Jon McCarthy LXB Adviser LLP said: “As a concept, Rushden Lakes challenges the industry norm and today’s announcement confirms the strength of our long held belief in the scheme. This project has had strong and unwavering local support for which we have always been grateful.

“We look forward to delivering this innovative retail and leisure scheme for The Crown Estate and continue to work with East Northamptonshire Council to deliver the development plans.”

Image: Rushden Lakes