Ask Developments has pre-sold the Sainsbury's' supermarket in its Urmston town centre regeneration project to the retailer for £23.45m.
The 50,000 sq ft store will open in spring 2009 and anchor the new Urmston Shopping Centre. The deal was structured as a forward commitment to purchase on a 35-year lease.
The wider mixed-use scheme will comprise a 20,000 sq ft library/contact centre, 28 new shops, including up to five restaurant/café bars and 144 one and two bedroom apartments. There will also be a public car park providing approximately 450 parking spaces, in addition to 144 dedicated spaces for the apartments.
Paul Jones, investment partner at Tushingham Moore, said: "We have worked closely with both Ask Developments and Sainsbury's to complete this deal, which marks the first investment sale at the new Urmston Shopping Centre development. The scheme has now started on site and is expected to completely transform retailing in Urmston. We are delighted with the price achieved which reflects the desirability of foodstore investments on long leases."
Julie Moorhouse, of Ask Developments, added: "After a successful CPO Inquiry, we are delighted to have now secured vacant possession across the site. Works on site commenced in October 2007 and we are currently on programme to the open the much-needed Sainsbury's supermarket in spring 2009. This is a hugely exciting scheme for Ask and we expect that having achieved a letting to such an excellent anchor tenant as Sainsbury's will act as a driver to attract inward investment across the town."
Tushingham Moore and Cheetham & Mortimer acted on behalf of Ask Developments. King Sturge acted on behalf of Sainsbury's Supermarkets.