UK's Crown Estate commits to funding new shopping scheme
The Crown Estate, a UK property portfolio owned by the crown and which generates value for the UK government, has committed to funding the £140 million Rushden Lakes shopping and leisure scheme.
The Crown Estate bought the centre, which is located at Rushden in Northampshire, from existing owner LXB Retail Properties PLC. The centre will consist of 400,000 sq² of new retail and restaurant accommodation, as well as a lake, which will be appointed for activities like canoeing and wakeboarding.
Work will begin in autumn this year and is set to be completed by summer 2016.
Hannah Milne, Regional Portfolio Manager, said: "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."
So far, H&M, Costa and M&S are among the companies to sign up for space at Rushden Lakes.
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