Mid Sussex District Council has appointed NewRiver as its joint venture partner on the mixed-use regeneration of The Martlets shopping centre in Burgess Hill, Mid Sussex.
Under the terms of the agreement, the outdated 1970s centre will be transformed into 172 new homes, a 102-room hotel, 50,000 sq ft of new retail, including a 21,000 sq ft food store, and enhanced public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 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.
Allan Lockhart, chief executive of NewRiver, said: “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.”
Kathryn Hall, chief executive of Mid Sussex District Council, added: “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 conditions and we look forward to moving into the next phase of delivering this important regeneration for the Burgess Hill community and wider area which will bring about lasting long-term prosperity.”
