Council selects developer for 700,000-sq ft scheme
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 500,000 sq ft of leisure and 200,000 sq ft of designer outlet shopping. The developer said it 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.
To facilitate this very exciting development, 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.
NewRiver property director Allan Lockhart said: “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.”