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RNS Number : 5961H

Development Securities PLC

17 March 2015

17(th) March 2015

Planning consent secured for Spirit of Sittingbourne

Development Securities today announces that the Spirit of Sittingbourne project, a major town centre mixed-use regeneration scheme in Sittingbourne, Kent, has received Resolution to grant planning consent for the first phase of the development.

Phase one of the Spirit of Sittingbourne will bring forward the development of six sites across the town centre to include a 7-screen cinema, 29,000 sq. ft. of restaurant space and 34,000 sq. ft. of big box retail. Developed in public private partnership with a development consortium consisting of Swale Borough Council, Essential Land and Quinn Estates, the project is set to revitalise Sittingbourne, providing a catalyst for economic growth and investment, and creating more than 700 jobs over the life of the project. Spirit of Sittingbourne is one of the projects acquired as part of the Cathedral portfolio acquisition.

Richard Upton, Executive Director, Development Securities said: "Spirit of Sittingbourne is an excellent example of our work in mixed-use regeneration in collaboration with local authorities and with this consent to hand we are a step closer to our ambition to be the public sector's partner of choice for regeneration. We are delighted to have secured planning consent for this significant development which will create a catalyst for growth in the town and we look forward to now delivering the project in partnership with the consortium."

For further enquiries, please contact:

Rob Pine, ING media

020 7247 8334

Lucy Grimble, Development Securities PLC

020 7828 4777

This information is provided by RNS

The company news service from the London Stock Exchange

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