LXB quietly confident in planning permission at Rushden Lakes

Jersey resident closed-ended real estate investment company LXB Retail Properties updated the market on its proposed development at Rushden Lakes on Tuesday, indicating that it was looking likely that its planning permission had gone unchallenged.

The AIM-traded company previously reported that the revised planning consent - which was issued on 11 September - was subject to a statutory review period.

It confirmed on Tuesday that the time limit for interested parties to request a judicial review in connection with the planning consent expired at 1630 BST on Monday.

The Administrative Court office did not indicate that such a request was made by that deadline, in which case the enhanced planning consent would now be confirmed and beyond challenge, the board said.

“Shareholders should, however, be aware that the court office has a backlog of claims to process - recently it was up to seven days - so the group does not yet have final confirmation of the position,” the board added.

LXB said its legal advisers would continue to monitor the register and a further announcement would be made once the position was beyond doubt.

“As well as confirming the planning consent position, that further announcement will also provide an update on recent lettings at Rushden Lakes, and on the implications for the revised funding agreement with the Crown Estate.

“To the extent that it is in shareholders' interests to do so, the group will also provide an update on discussions relating to the cost of the highways works at Rushden.”

LXB said shareholders would understand that it was “impossible” to be precise concerning the timing of that further announcement, although it expected the update would be issued within 10 days.