18. Juni 2012 
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LGP secures forward funding of Waitrose development in Greenwich
Legal & General Property (LGP) announces, on behalf of its UK Property Unit Trust (“PUT”), that it has agreed to forward fund the development of a Waitrose supermarket on Galliard Homes’ New Capital Quay. The investment company has agreed the purchase of the site at Norway Street, Greenwich, for the development of a 31,126 sq ft Waitrose unit on a 999-year long leasehold. Waitrose has taken a 25-year pre-let on the development at a rent of £825,000 pa, with fixed yearly uplifts.
With an end value of approximately £15.6 million, the site is part of Galliard Homes’ New Capital Quay scheme, which is set to deliver twelve blocks totalling 980 units of private and affordable residential apartments. It also includes 150 public car parking spaces in a large carpark which is being built as part of the development.
The deal comes just days after LGP’s PUT announced that it has completed another forward funding deal on a development let to Waitrose for 25 years, having entered into a £18.5 million deal with Valad Europe and Stirling Council on Burghmuir Retail Park in Stirling.
Construction of the Waitrose supermarket at Greenwich is already underway and is expected to be completed in Spring 2013. Two thirds of the private apartments around it were sold from plan in 2007 at what proved to be one of London’s most successful sales launches.
With an end value of approximately £15.6 million, the site is part of Galliard Homes’ New Capital Quay scheme, which is set to deliver twelve blocks totalling 980 units of private and affordable residential apartments. It also includes 150 public car parking spaces in a large carpark which is being built as part of the development.
The deal comes just days after LGP’s PUT announced that it has completed another forward funding deal on a development let to Waitrose for 25 years, having entered into a £18.5 million deal with Valad Europe and Stirling Council on Burghmuir Retail Park in Stirling.
Construction of the Waitrose supermarket at Greenwich is already underway and is expected to be completed in Spring 2013. Two thirds of the private apartments around it were sold from plan in 2007 at what proved to be one of London’s most successful sales launches.
