News Column

Development Securities Secures Funding For Manchester Development

April 28, 2014

Anthony Tshibangu

LONDON (Alliance News) - Property investor Development Securities PLC Monday said it has secured GBP14.8 million in forward funding from an unnamed client of real estate investment management firm CBRE Global Investors for its development of The Square in Hale Barns, Altrincham, near Manchester.

The funding will finance the development of the whole scheme which comprises a 30,000 square foot foodstore additional retail units and 24 high-end residential apartments.

The redevelopment has been in the pipeline for some time since Development Securities acquired the site, which was a rundown shopping centre, some four years ago. Planning consent was secured in 2011 and the aim is to deliver an attractive new retail and residential destination.

A compulsory purchase order inquiry was successfully concluded last year in order to obtain vacant possession of the site. 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 the third quarter 2014.

This is the fourth funding partnership Development Securities has secured this year, following the GBP92.0 million funding agreement at 12 Hammersmith Grove, GBP44.1 million of funding for Shepherd's Bush Market, and GBP38.1 million of funding for 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," Matthew Weiner, a director at Development Securities said in a statement

"We are pleased to have now secured funding which will finance the delivery of the project and enable us to monetise our position," he added

The stock was trading at 222.00 pence, up 4.00 pence or 1.8%.

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Source: Alliance News

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