Development Securities in conjunction with Citybranch announced that a client of CBRE Global Investors will forward fund the development of The Square in Hale Barns for £14.8 million (approx. €18 million). The funding will finance the development of the whole scheme which comprises a 30,000 ft² (approx. 2,787 m²) foodstore, pre-let to Booths, additional retail units and 24 high-end residential apartments.
In March 2010, Development Securities acquired The Square, a rundown 1960's shopping centre in the centre of Hale Barns, an affluent suburb of Manchester. Planning consent was secured in March 2011 for a comprehensive redevelopment of the site which, once complete, will deliver an attractive new retail and residential destination for Hale Barns.
A CPO inquiry was successfully concluded last year in order to obtain vacant possession of the site and construction of the scheme is now underway with practical completion anticipated at the end of 2014. The residential units will be marketed for private sale in Q3 2014.
Matthew Weiner, Development Securities said: "This is the fourth funding partnership that we have secured in 2014 following the £92.0 million funding agreement at 12 Hammersmith Grove, £44.1 million of funding secured at Shepherd's Bush Market and £38.1 million of funding at Cross Quarter, Abbey Wood. The Square will deliver a vibrant foodstore-anchored mixed-use development on the site of a former shopping centre which we acquired in a state of obsolescence. We are pleased to have now secured funding which will finance the delivery of the project and enable us to monetise our position."
Source: Development Securities