The scheme, which will be developed on a 3.5 hectare site at the north-east corner of the town centre, will comprise a new 30,000 sq ft department store, around 35 shops, restaurants; a digital cinema and up to 100 new homes. The plans contains four main areas, which will be fully pedestrianised and contain three new public spaces.
The planning permission was granted to HGI on behalf of its UK property business, Henderson UK Property Fund.
Henderson said in a statement that it expects the scheme to create over 800 new jobs, some during the construction phase and some after completion.
“We are delighted to have received outline planning permission for the Old River Lane scheme,” said Henderson UK Property Fund’s fund manager Cameron Fraser. “The redevelopment will further enhance the public space and range of facilities that are available in this historic market town. It will enhance access to some of its heritage assets, such as the Castle and the United Reformed Church, as well as help meet the demand for additional retail capacity that has been identified by East Hertfordshire District Council.”
“We were committed from the outset to get the views of as many residents and businesses on the scheme and have been through a lengthy consultation and application period in order to reach this stage. We are confident that the plans which have been approved, will create a new quarter in the town centre that will encourage more inward investment from the community,” Fraser said.
Subject to approval by the Council of reserved matters, Henderson said it plans to begin construction in 2014 and hopes to complete in 2016.
