Henderson gets go-ahead for Bishop's Stortford scheme

Henderson Global Investors has received planning permission for a new retail-led scheme in Bishops Stortford, Hertfordshire.

Henderson now expects to submit full plans for the regeneration of the Old River Lane scheme in the summer. The company is investing £105 mln (€126 mln) in the three-and-half-hectare site in the northeast corner of the town centre.

The scheme includes a new 2,800 m2 department store; an extension to the existing Waitrose store; 35 shops; two restaurants; a digital cinema, around 670 parking spaces and up to 100 residential units.

The scheme contains four main areas, which will be fully pedestrianised and contain three new public spaces.

Cameron Fraser, fund manager of the Henderson UK Property Fund said the plans 'will create a new quarter in the town centre that will encourage more inward investment from the community'.

Construction is slated to begin in 2014 with the scheme anticipated to open in 2016.

CBRE acted as development consultant and leasing agent for the scheme while Chapman Taylor was responsible for the masterplanning and is the architectural firm behind the scheme.