Developer secures forward funding for retail park
The Business Desk
29th March 2017
Developer secures forward funding for 100,000 sq ft retail park
The developer behind a 100,000 sq ft retail park, which will be home to big names including Marks & Spencer and Next and promises around 250 jobs, has completed the forward funding for the scheme.
Leeds-based developer St James Securities has secured a funding agreement with National Farmers Union Mutual (NFUM) for the park on the former Norton College site in Sheffield.
David Watson of WSB Property Consultants advised St James Securities and Robert Mortimer of Chapman Petrie advised NFUM on the deal.
Paul Morris, development director of St James Securities, said: “Completing the funding agreement with the NFUM is great news for Sheffield which will allow us to now deliver this exciting retail scheme. Construction has started onsite and once completed St James Retail Park will provide some 250 full-time new and sustainable jobs.”
Tom Bostock, fund manager of NFUM, added: “St James Retail Park represents a great opportunity to access a prime located, development scheme secured against some of the UK’s strongest retail covenants and reflecting an attractive income return.”
Designed by the Chesterfield office of architects Whittam Cox and due for completion in Spring 2018, the scheme has also secured TK Maxx, Wilko, Pets at Home, Mountain Warehouse, Shoe Zone and Costa Coffee as tenants.
The developer says that St James Retail Park will plug a gap in the market to the south of Sheffield city centre where there is a “dearth of retail provision”.