Mixed Use Retail and Industrial Park Development
- Our client are developing a new mixed use retail and industrial park, with the development expected to deliver up to 3,782 sqm of retail floorspace and 4,246 sqm of business floorspace.
- The retail aspect of the development has been pre-let to high quality tenants and forward sold to a pension fund. Practical completion of the development is expected by December 2021.
- We worked with the client to secure a £13.5m development finance loan from a lender. The loan will fully finance the development through to practical completion and the sale of the retail aspect of the development.
- The loan was completed in December 2020, with the partially pre-let development effectively fully funded at a time of general uncertainty in the market as tighter pandemic (COVID) related restrictions were re-introduced in the UK.