Helical Bar plc, the property developer, said it has secured forward funding for the development of an 80,000 sq ft retail warehouse in Milton Keynes.
The property will have an end value of 24.5 mln stg, representing a yield of 5.7 pct. The retail warehouse is being co-developed with Abbeygate Developments with completion due by June 2005 and has been pre let to Homebase LTD on a 25 year lease at a rent of 17.75 stg per sq ft.
Funding for the project was secured from an investment client of Arlington Property Investors.
Both Helical and Abbeygate have also been selected by the Milton Keynes Partnership Committee to develop a 2.6 hectare site, which will comprise of a 110,000 sq ft Sainsbury´s food store with 400 residential units and some small scale commercial units. Work on the site is forecast to begin in 2005.