LaSalle Investment Management has forward funded Bouygues Development to construct a Morrisons foodstore, comprising the ground and basement levels of Phase 1, Hallsville Quarter, Canning Town, London, E16 involving a total commitment of £43.1 million.
Work on the development started in the new year and will comprise a ground floor store of 76,660 sq ft with 400 basement car parking spaces and residential over, sold off separately.
The fund will hold a long leasehold interest and this will be entirely let to the retailer on a 25 year lease with completion, with RPI indexed linked reviews.
Sophie MacFarlane, national director, LaSalle Investment Management, comments:-
“LaSalle invested in excess of £250 million in UK supermarkets over 2012, of which £66 million was towards new developments. We are extremely pleased that Bouygues' development in Canning Town was one of them and look forward to contributing to the regeneration of the area.”
Completion of the scheme is due in early 2015.
GVA acted for Bouygues Development and LaSalle was advised by Wilkinson Williams.