Developer NewRiver has sold a key residential contract on the project to Delph Property Group, unlocking the multi-million pound redevelopment of Burgess Hill town centre.
With Delphi purchasing all 142 residential units on the development for £34 million, the overall construction cost of the scheme is £47m.
Elsewhere, NewRiver has also reached an agreement for lease for the Martlets shopping centre redevelopment with Mid Sussex District Council. The 465,000 redevelopment forms a key part of NewRiver's 1.9 million sq ft risk-controlled development pipeline.
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As well as 142 residential units, the redevelopment will provide a 10-screen multiplex cinema, a 63-bed hotel, an improved retail offer and new restaurant and leisure provisions, additional car park spaces, an improved public realm and a new purpose-built library for the Council.
Allan Lockhart, Property Director at NewRiver said: "The pre-sale of the entire residential component of our Burgess Hill redevelopment to a high quality residential specialist investor significantly de-risks the project and, in-line with our risk-controlled approach, puts us in a strong position to begin construction.
"Having recently received planning consent for our major mixed-use regeneration in Cowley, Oxford, we are seeing real momentum in our risk-controlled development pipeline, which we are confident will be a significant driver of long term returns for our shareholders."
(LM/MH)
