Lxb Retail Confirm 70 Million Stafford Riverside Development Wholesale

LXB Retail, the AIM-listed REIT, which came to market after Max Property as a retail play in 2009 led by Tim Walton, a property industry veteran who has built and sold portfolios twice before, confirmed today that it has pulled together two riverside sites in Stafford for a new 70 million development.The two long leasehold sites are on opposite sides of the River Sow, the main 4.75 acre site is presently temporary car parking, whilst the opposite 1.85 acre site is presently a vacant foodstore with adjacent multi-storey car park.In addition LXB are in discussions with Stafford Borough Council and Staffordshire County Council over the purchase of the town's Kingsmead car park which would also be developed Xbox 360 Accessories as a retail site.It is anticipated that the development will provide over 1200 car parking spaces and about 220,000 sq ft of retail accommodation. Outline terms have already been agreed with an anchor tenant for around 65,000 sq ft and LXB intends submitting a planning application later this year with construction work anticipated to start next year.Tim Walton Chief Executive of LXB Manager LLP, said; "This is another exciting retail development opportunity for LXB Retail which was recognised as one of our 'pipeline' opportunities with a well located site, identifiable tenant demand and pro-active local authorities and typifies the areas in which we seek to do business. We look forward to helping to enhance the retail facilities of Stafford town centre with a high quality development".LXB got off to a less publicised start than Max Property and raised only 100 million initially, but subsequently it showed it's competance, buying a site in Greenwich which it has subsequently added to and has now signed a 25 year lease agreement for a new 145,000 sq ft Sainsbury's store for.There has been further investment in LXB this year, so in addition to the 100 million initially raised a further 47.6 million was added Wholesale Car Lighting Lamps in the following months and 110 million was raised last month, as Blackrock took a sizeable chunk.LXB pipeline comprises a 31 acre Wholesale Lingerie Apparel Accessories site in Rushden, Northants and an Isle of Sheppey site, (bought from Wm Morrison Supermarkets)The Jersey-based company is chaired by retail veteran Phil Wrigley, the former chairman of New Look, with Steve Webb, Tescos director of investor relations, and Alastair Irvine, founder of the Seriously Strong Cheddar brand, as non-executive directors.