Shares in NewRiver REIT PLC (LSE:NRR) fell 4% to 68.8p after the real estate investment trust signed a conditional agreement with Mid Sussex District Council to create a joint venture for the regeneration of The Martlets shopping centre in Burgess Hill.
The agreement sets the framework for the proposed redevelopment of the 1970s complex into a mixed-use scheme combining retail, leisure and housing.
Planning consent is already in place for 172 homes, a 102-room hotel, 50,000 sq ft of new retail space, including a 21,000 sq ft food store, and improved public areas.
The joint venture will be finalised once several conditions are met. These include the sale of the residential site, which is under offer, and securing pre-lets for the food store and hotel
NewRiver said legal negotiations on those leases are “well advanced”. The parties anticipate satisfying the conditions by the end of March 2026, with construction expected to begin in summer 2026 and complete in 2028.
Panmure Liberum said: "These conditions are expected to be satisfied by March 2026, with construction scheduled to begin in summer 2026.
"While timelines remain dependent on third-party agreements, today’s announcement provides clearer visibility on a scheme that has been in planning for several years."
The broker says 'buy' up to 100p.