Shopping complex and development giants New River Retail has begun submitting its 48 planning applications to develop surplus land across its newly growing pub estate.
The property investment trust and assest management company, which owns 360 pubs, said that construction has started on the first of its convenience stores for the Co-operative Group with completion expected in December 2015 and handover planned for January 2016. It also said there has been significant progress and growth in the pub estate having secured a further three planning applications between 1 July and 30 September. In Q2 of its financial year it’s secured nine new planning approvals, taking its total number of planning approvals to 22.
Overall, New River saw £222.3m of strategic acquisitions at a combined average yield of 9.6%. This included the £53.5m acquisition of 158 pubs from Punch Taverns at a net initial yield of 13.5%. It said good progress continued across its growing development pipeline, comprising over 1.25m sq ft of mixed-use space including retail, leisure, hotels and residential.