Multi-million pound deal signed and sealed

The leader of Stafford Borough Council has welcomed news that contracts have now been signed on a £70million retail deal for the town.

Councillor Mike Heenan was speaking after developers announced that contracts had been exchanged on land at the town’s Kingsmead. LXB Retail Properties Plc also revealed that food-giant Morrisons would be taking up the majority of that site.

The exchange completes the final piece of the jigsaw which will also see Marks and Spencer’s opening a massive outlet on Riverside at the opposite end of the town and which would include a new multi storey car park on the adjacent Bridge Street.

It is expected both schemes would create a total of around 650 jobs and provide more than 1600 car parking spaces with work expected to start on the Riverside site later this year.

Councillor Heenan said: “We are very pleased to have completed the deal with LXB and are very happy to welcome Morrisons to Stafford. LXB’s investment in Stafford will give a huge boost to our local economy and provide residents with a much improved retail and leisure facility.”

The Kingsmead site is owned by the borough and county councils and is currently used as a car park. LXB have signed an agreement with Morrisons to take a 25 year lease for the foodstore which will be 71,500 sq ft. The deal - which is subject to planning permission with an application expected to go before committee in the next few weeks - also includes 14,000 sq ft for other retail and 460 car parking spaces.

Tim Walton, Chief Executive Officer of LXB Manager LLP said: “We are delighted to have acquired this option on a highly prominent site on the edge of Stafford town centre for the company and, of course, to achieve LXB’s third major pre-let to Morrisons.

“The potential development of the Kingsmead site and the progress being made with the Riverside / Bridge Street development indicates LXB’s continuing commitment to substantially enhance the existing retail facilities in Stafford town centre and to bring the retail offer which a town of Stafford’s regional importance merits.”

Morrisons Development Executive, Richard Bakes, said: “This is a great opportunity for Morrisons as well as Stafford. We operate at the heart of many communities and are looking forward to bringing our range of fresh food, excellent service and great value to the town.

“Our professional team is already working with LXB to deliver a new store that will benefit locals and complement the town centre.”