Claymore Group has completed the forward sale of the Grovebury Retail Park, a 70,000 sq ft retail warehouse development in Leighton Buzzard, to a client of Aberdeen Asset Management for circa £16 million. Claymore acquired the 7-acre site having promoted the development through the planning process to obtain planning permission for bulky goods retail and securing prelets with Wickes, B&M, Pets at Home and KFC on circa 50,000 sq ft. A further 11,000 sq ft is prelet to M&S Foodhall, subject to a planning variation. Two further units are under offer, with just one unit of 1,200 sq ft still available. Despite having received planning permission in 2013 with overwhelming support from both the general public and Central Bedfordshire Council, the consent was subject to a Judicial Review that, despite progressing to the Court of Appeal, was successfully fought off by Claymore, finally allowing the development to commence with completion anticipated in late summer 2018. The development includes further land being retained by Claymore for industrial development of up to around 20,000 sq ft. Wilkinson Williams acted for Claymore and Staunton Whiteman acted for Aberdeen Asset Management.
Stephen Cole of Claymore Group commented:-
“Completion of the funding agreement with Aberdeen is great news for Leighton Buzzard, as it will now allow Claymore to deliver this exciting retail scheme which from initial concept has received overwhelming public support due to the lack of existing accessible retail in the town. Construction can now start in the next few weeks and once completed, Grovebury Retail Park will provide some 250 full-time new and sustainable jobs.”
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