British Land signs Â£90 million Hereford retail development funding
Retail landlord British Land has signed a Â£90 million forward funding agreement for the development of a 310,000 sq ft retail scheme at the Old Market in Hereford city centre.
The agreement with Stanhope will enable work on the site to start imminently with British Land owning the scheme outright on completion in spring 2014.
The open air scheme will sit on the site of Hereford’s former cattle market and will comprise 22 retail units, seven restaurants and a six-screen cinema. More than 50% of the space has been pre-let.
Debenhams will anchor the development with a three-storey, 84,000 sq ft department store while Waitrose has taken a 22,000 sq ft space. Other retailers committed to the scheme include next and TK Maxx.
Richard Wise, head of retail development for British Land, said: “We believe retail development adds significant incremental value and are replenishing our pipeline to build growth and opportunity by assembling an exceptional, diversified portfolio of dominant assets. We are one of a very small group that has the ability, experience, financial strength and scale and strategy to capitalise on future demand for the right space.”
British Land’s retail development portfolio includes the new build Whiteley Shopping Centre in Hampshire which opens in spring 2013, the extension and refurbishment of Surrey Quays Shopping Centre in Rotherhithe. It is also developing extensions at Fort Kinnaird in Edinburgh, Broughton Shopping Park in Chester and Glasgow Fort Shopping Park.
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