We are delighted to announce that the lease to M&S on a new purpose built Foodhall in Westbridge Park has finally completed. It has only taken 2½ years to complete the deal, but we are confident that the local residents will find the wait worthwhile.
Best of all, this is a refreshing example of all the parties coming together to collectively make development happen. Liberty Properties Developments Limited displayed exceptional levels of skill, professionalism and perseverance in balancing the needs of the Council, progressing the scheme through planning and addressing the many construction challenges that arose. If you are a Council seeking a reliable Development Partner, look no further than Liberty!
Their Funding Partner, C Le Masurier, were also brilliant – their unfaltering commitment, patience and flexibility undoubtedly ensured the eventual delivery of the development. We are hopeful that this is the start of a fruitful working relationship – just remember who played cupid!
Finally, M&S played their part in granting some flexibility on the agreed terms to assist with the viability.
The investment shows a return of approximately 5% on a 20 year lease to M&S Plc at a commencing rental of £230,000 per annum.
For further information, please contact Rob Millington.