Claymore Group has completed the £16m forward sale of Grovebury Retail Park, a 70,000 sq ft retail warehouse development in Leighton Buzzard, Bedfordshire, to a client of Aberdeen Asset Management.
Claymore acquired the seven-acre site having promoted the development through the planning process to obtain planning permission for bulky goods retail and secured prelets to Wickes, B&M, Pets at Home and KFC comprising 50,000 sq ft in total.
A further 11,000 sq ft is prelet to M&S as a Foodhall subject to a planning variation. Two further units are under offer with just one unit of 1,200 sq ft still available.
Despite having received planning permission in 2013 with support from both the general public and Central Bedfordshire Council, the consent was subject to a judicial review that, despite progressing to the Court of Appeal, was fought off by Claymore, allowing the development to commence with completion anticipated in late summer 2018.
The development includes further land being retained by Claymore for industrial development of up to around 20,000 sq ft.
Stephen Cole, Claymore Group, said: “Completion of the funding agreement with Aberdeen will now allow Claymore to deliver this retail scheme which from initial concept has received public support due to the lack of existing accessible retail in the town. Construction can now start in the next few weeks and once completed Grovebury Retail Park will provide some 250 full-time jobs.”
Wilkinson Williams acted for Claymore; Staunton Whiteman advised Aberdeen Asset Management.
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