£14.8m funding deal for The Square
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DEVELOPMENT Securities has struck a forward funding deal to redevelop The Square in Hale Barns, south Manchester.
The revamped site will include a 30,000 sq ft Booths supermarket, other retail units and 24 apartments.
The London-based developer said a client of CBRE Global Investors has commited £14.8m to the project.
Work has already started and it should be finished by the end of the year.
Development Securuties acquired The Square, a 1960s shopping centre, in 2010. Planning permission was gained the following year but progress slowed after an inquiry was launched into a decision to issue compulsory purchase orders for three businesses – Hale Barns Post Office, Admirals fish and chip shop and Hale Barns Tandoori restaurant.
Director Matthew Weiner said: “The Square will deliver a vibrant foodstore-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 and enable us to monetise our position.”