NewRiver enters joint venture agreement to deliver Sussex shopping centre regeneration
NewRiver REIT and Mid Sussex District Council have formed a conditional agreement to create a joint venture, with the aim of regenerating of The Martlets Shopping Centre in Burgess Hill, Mid Sussex.
The two parties will look to transform the 1970s-era shopping centre into a modern and vibrant retail and leisure destination in the heart of the town, creating new homes and jobs.
The proposed development has planning consent to deliver 50,000 sq ft of new retail, including a 21,000 sq ft food store, as well as 172 new homes and a 102-room hotel.
The joint venture will be formalised once a number of conditions have been met, including the sale of the residential site which is under offer, and pre-lets of the food store and hotel for which the legal negotiations are well advanced. It is anticipated that the conditions of the agreement will be satisfied by the end of March 2026, with construction due to commence summer 2026 and completing in 2028.
Allan Lockhart, chief executive at NewRiver, said: “This conditional agreement represents a major milestone for the delivery of a flagship town centre regeneration and the creation of a high impact and transformative partnership. We have worked with Mid Sussex District Council over the years to deliver a capital light and commercially viable strategy to regenerate The Martlets. We look forward to working together to deliver this exciting regeneration project that will create lasting value for the Burgess Hill community and our shareholders.”
Kathryn Hall, chief executive at Mid Sussex District Council, said: “This agreement provides the structure for an ambitious joint venture that brings together our respective strengths across public and private partnership. The regeneration of The Martlets forms part of Mid Sussex District Council’s long-term masterplan for the region which has already seen significant investment and progress. We will now focus on satisfying the conditions and we look forward to moving into the next phase of delivering this important regeneration for the Burgess Hill community and wider area which will bring about lasting long-term prosperity.”