Tesco's move across Rotherham town centre has taken a step closer after the retail giant finalised legal terms with the developer, TCN.
Plans for the new £40m Tesco Extra were approved by the members of the planning board at Rotherham Council earlier this month and were referred the to the government's National Planning Casework Unit. The body handles major planning applications on behalf of the Secretary of State and if they decide not to intervene, planning permission will be granted, subject to a number of conditions.
The proposals are for a Tesco store with a total sales area of 6,273 sq m on the site of the Civic Building, Central Library and Norfolk House, plus a petrol filling station on the site of Crinoline House.
Tesco will then close their outdated store on Forge Island.
The development would create 450 jobs (200 full time and 250 part time). 200 of these are additional to the current store and all staff at the current store would be guaranteed a job at the new site.
The complex land deal involves Anglo-Dutch developer, TCN, purchasing the civic sites from Rotherham Council for £7m. A lease has now been agreed between TCN and Tesco. The retailer will rent the space for a period of 30 years at an annual rent of £2m.
Construction costs are £31m amd the estimated development value exceeding £35m with a yield of around 5.5%.
The developers are also making a multimillion pound investment in improving the road network, including removing the Centenary Way flyover.
The construction of the project starts in October and the project is expected to be completed in December 2013.
Richard Pearce, director of TCN UK, is excited about the momentum this development will create for the town centre and surrounding area. He said: "It took a long time for all of the components in the process to come together.
"We are very pleased with this successful deal for all parties, including Rotherham Council, the owner of the land."
In 2007, TCN entered on exclusivity agreement on nine council-owned sites covering over 10.5 acres of the town centre. The agreement is set to end in September.
TCN website
Images: TCN / Smith Smalley
Plans for the new £40m Tesco Extra were approved by the members of the planning board at Rotherham Council earlier this month and were referred the to the government's National Planning Casework Unit. The body handles major planning applications on behalf of the Secretary of State and if they decide not to intervene, planning permission will be granted, subject to a number of conditions.
The proposals are for a Tesco store with a total sales area of 6,273 sq m on the site of the Civic Building, Central Library and Norfolk House, plus a petrol filling station on the site of Crinoline House.
Tesco will then close their outdated store on Forge Island.
The development would create 450 jobs (200 full time and 250 part time). 200 of these are additional to the current store and all staff at the current store would be guaranteed a job at the new site.
The complex land deal involves Anglo-Dutch developer, TCN, purchasing the civic sites from Rotherham Council for £7m. A lease has now been agreed between TCN and Tesco. The retailer will rent the space for a period of 30 years at an annual rent of £2m.
Construction costs are £31m amd the estimated development value exceeding £35m with a yield of around 5.5%.
The developers are also making a multimillion pound investment in improving the road network, including removing the Centenary Way flyover.
The construction of the project starts in October and the project is expected to be completed in December 2013.
Richard Pearce, director of TCN UK, is excited about the momentum this development will create for the town centre and surrounding area. He said: "It took a long time for all of the components in the process to come together.
"We are very pleased with this successful deal for all parties, including Rotherham Council, the owner of the land."
In 2007, TCN entered on exclusivity agreement on nine council-owned sites covering over 10.5 acres of the town centre. The agreement is set to end in September.
TCN website
Images: TCN / Smith Smalley
No comments:
Post a Comment