Rokeby Development has forward-sold a mixed-use scheme in Southampton to Morley Fund Management for around £28m.
Rokeby already has planning permission to increase the size of the scheme, located at Antelope Park, Bursledon Road in the city from 125,000 sq ft to 180,000 sq ft.
Home and garden products retailer The Range and bingo operator Gala currently operate from the site.
Tom Naylor of Rokeby said: “By reworking the planning we have increased the size of the development by almost half again, which, when completed, will provide the public with a high-quality retail and leisure destination.”
Rokeby director Adrian Goodall said: “Although some distance from the town centre, the site and surrounding area is in need of regeneration, and this is why it was ultimately decided the application complied with planning rules.”
Morley will be paid in instalments as the scheme is completed over the next two years.
References: EGi News 11/01/07
