NewRiver REIT plc (LSE:NRR) announced Thursday that it has signed a conditional agreement with the Mid-Sussex District Council to establish a joint venture aimed at redeveloping The Martlets shopping centre in Burgess Hill.
The scheme, which already has planning approval, will overhaul the 1970s-era complex and convert it into a contemporary hub for retail, leisure, and residential living. Plans call for 172 new apartments, a 102-room hotel, 4,645 square meters of additional retail—including a 1,950-square-meter grocery store—and upgraded public spaces.
The joint venture will move forward once a number of conditions are fulfilled, such as the sale of the residential portion of the site—currently under offer—and the completion of pre-lease agreements for both the grocery store and hotel, where legal discussions are reportedly well advanced.
NewRiver expects these conditions to be satisfied by the end of March 2026, paving the way for construction to begin in summer 2026 and conclude in 2028.
Allan Lockhart, CEO of NewRiver REIT, called the agreement “a major milestone in the realization of a flagship downtown redevelopment project and the creation of a high-impact and transformative partnership.”
He added that the company has collaborated with the Mid-Sussex District Council for years to “implement a low-capital and commercially viable strategy to redevelop The Martlets”.
Leave a Reply