Stockdale CALA, a joint venture between CALA Properties and Stockdale Land, has prelet phase three of the Cherwell Centre in Banbury, Oxfordshire.
The third phase of the retail and leisure scheme will comprise a 70,000 sq ft (6,500 sq m) building at the junction of Cherwell Street and George Street, next to the existing 85,000 sq ft (7,900 sq m) Cherwell Centre.
Matalan has prelet 35,000 sq ft (3,251 sq m), with an additional 10,125 sq ft (941 sq m) for storage.
Newbury Leisure, trading as Lakeside SuperBowl, will operate a 20-lane tenpin bowling centre in 21,100 sq ft (1,960 sq m) on the first floor, while National Car Parks will operate the 175-space car park.
All three tenants have signed for 25-year terms, with five-yearly upward-only rent reviews.
Construction on phase three has begun and is set for completion by October.
Stockdale CALA has secured full forward-funding for the £11.5m scheme, with interim finance from German fund Internationales Immobilien-Institut (iii-Fonds).
Stockdale CALA acquired the freehold interest in the Cherwell Centre in September 2001.
The scheme represents CALA Properties’ second forward-funding deal with iii-Fonds in the past four months.
Last November, iii-Fonds agreed to forward-fund CALA’s £30m Central Exchange office scheme in Glasgow.
The joint venture is seeking other development opportunities throughout the Midlands.
Insignia Richard Ellis represented iii-Fonds, while Capital Retail acted for Stockdale CALA.
References: EGi News 06/03/03
