DevSecs joins Citybranch to develop £35m scheme

Development Securities will join property developer Citybranch to work on a £35m mixed-use scheme in Hale Barns.

The scheme will include the redevelopment of the Square Shopping Centre as a supermarket-led scheme with a further 14 shops and 51 homes.

Following a consultation with local residents, the scheme was granted planning consent two years ago after being reduced in size.

The project will be home to the first Booths supermarket in the Trafford area, which is an independent supermarket that was founded in Lancashire in 1847.

Development Securities raised more than £90m of equity last summer and has since invested in several different sectors.

Peter Gallagher, partner at P3 Property Consultants, which have worked as development consultants with Citybranch for the last two years on the project, said: "It would have been the easiest thing in the world for us all to sit back and say funding development at that moment was impossible. By working hard and pulling off this deal Citybranch will be one of the few local developers doing more than just talking about doing a scheme."

Citybranch was advised by Whitaker Horton on the Cheshire transaction. Cheetham & Mortimer are joint letting agents with P3 Property Consultants.