A client of CBRE Global Investors has agreed to provide £14.8m of forward funding to buy the redevelopment of Development Securities' The Square shopping centre in Hale Barns.
The funding will finance the development of the whole scheme which comprises a 30,000 sq ft food store which is pre-let to Booths Supermarket, in addition to further retail units and 24 residential apartments.
Development Securities acquired The Square from developer Citybranch in March 2010. Planning consent was secured in March 2011 for a comprehensive redevelopment of the site.
Construction of the scheme is now underway with practical completion anticipated at the end of 2014. The residential units will be marketed for private sale in autumn 2014.
Matthew Weiner, executive director of Development Securities, said: "The Square will deliver a vibrant food store-anchored mixed-use development on the site of a former shopping centre which we acquired in a state of obsolescence. We are pleased to have now secured funding which will finance the delivery of the project."