Thursday, October 23, 2014

News: Funding comes forward for Rotherham retail development

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A forward funding agreement has been secured with Bramall Properties Ltd that will enable construction to begin on a new retail development at Parkgate in Rotherham.

The land owner, Rotherham recycling experts, Ron Hull, teamed up with Leeds-based developers, Gregory Projects to bring forward a potential retail development on the site of a former car showroom at Great Eastern Way.

The development has outline approval for a 16,000 sq ft discount food store together with 30,000 sq ft of additional retail and leisure facilities along with 200 car parking spaces. The first phase sees Aldi taking the largest unit at 16,544 sq ft and Iceland taking the adjacent 7,000 sq ft unit. The third unit, of 15,000 sq ft is under offer to Home Bargains. The next phase can cater for requirements of between 1,000 sq ft and 10,000 sq ft.

Forward funding has been secured from Bramall Properties Ltd, the North Yorkshire firm which has carried out a substantial number of commercial and residential developments over the last few years and which holds a variety of office and commercial property investments and provides funding for other property developments.

The deal means that construction can now begin next month and Sheffield-based experts, J F Finnegan has been appointed as the main contractor. The development is due to be completed by July 2015.

Richard Tovey, director at Gregory Projects, said: “The property has been vacant for some time and we are pleased to bring it back into use.

"The strength of the location has attracted an excellent tenant line-up enabling funding to be secured at an early stage in the project.

"We look forward to working with the appointed builder and professional team to deliver the scheme for Rotherham and in particular, the Parkgate and Rawmarsh communities."

The Leeds office of GVA has advised Gregory Projects on the pre-lettings, Walker Morris acted for Gregory Projects in the site purchase, funding and lettings. Shulmans advised Bramall Properties Ltd.

At the current Foundry Retail Park over the road, Scandinavian home furnishing retailer, JYSK has taken over a 6,000 sq ft unit and opens today.

Gregory Projects website

Images: Gregory Projects / GVA

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