Business
Agreement for Joint Venture in Burgess Hill
NewRiver REIT plc has entered into a conditional Joint Venture agreement with Mid Sussex District Council to regenerate The Martlets shopping centre in Burgess Hill, aiming to transform it into a modern retail and leisure destination with 172 new homes, a 102-room hotel, 50,000 sq ft of new retail including a 21,000 sq ft food store, and enhanced public realm. The joint venture is expected to be formalised by the end of March 2026, with construction commencing in summer 2026 and completion anticipated in 2028, representing a capital-light strategy to create lasting value for shareholders and the community. Disclaimer*
About this update from Newriver Reit Plc
[{"type":"text","content":"\n\nNewRiver REIT plc\n(\"NewRiver\" or the \"Company\" or the \"Group\")\n \nOver-Arching Agreement signed with Mid Sussex District Council\nto deliver major regeneration Joint Venture\n \nNewRiver announces that it has entered into a conditional Agreement to form a Joint Venture with Mid Sussex District Council, to deliver the mixed-use regeneration of The Martlets shopping centre in Burgess Hill, Mid Sussex.\n \nThe Agreement sets out the conditional framework for the two parties' shared ambition to deliver the proposed regeneration of The Martlets Shopping Centre, that will transform the outdated 1970's centre into a modern and vibrant retail and leisure destination in the heart of the town, and create new homes and jobs.\n \nThe proposed development has planning consent to deliver 172 new homes, a 102 room hotel, 50,000 sq ft of new retail including a 21,000 sq ft food store and enhanced public realm.\n \nThe Joint Venture will be formalised once a series of conditions have been realised including the sale of the residential site which is under offer, and pre-lets of the food store and hotel for which the legal negotiations are well advanced. It is anticipated that the Agreement's conditionality will be satisfied by the end of March 2026, with construction due to commence summer 2026 and completing in 2028.\n \nAllan Lockhart, Chief Executive at NewRiver commented: \"This conditional Agreement represents a major milestone for the delivery of a flagship town centre regeneration and the creation of a high impact and transformative partnership. We have worked with Mid Sussex District Council over the years to deliver a capital light and commercially viable strategy to regenerate The Martlets. We look forward to working together to deliver this exciting regeneration project that will create lasting value for the Burgess Hill community and our shareholders.\"\n \nKathryn Hall, Chief Executive at Mid Sussex District Council commented: \"This Agreement provides the structure for an ambitious joint venture that brings together our respective strengths across public and private partnership. The regeneration of The Martlets forms part of Mid Sussex District Council's long-term masterplan for the region which has already seen significant investment and progress. We will now focus on satisfying the co...