Grovebury Retail Park, Leighton BuzzardProperty:Land for Retail Development
Purchase Price:c. £15m
Claymore Role:Land Promotion, Planning and Development, Co-Investment
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Claymore successfully promoted this 7-acre greenfield site owned by the Church Commissioners (CCT) to secure change of use from industrial to retail use. Claymore subsequently assembled a pre-let 70,000 sq ft retail warehouse development in a joint venture with Conrad Phoenix Properties and acquired the site from CCT. The development was forward funded with Aberdeen Standard Investments Ltd (ASI) on behalf of the Nottingham County Council Pension Fund in a £16m deal.
The project commenced on site in October 2017 and practical completion was achieved in November 2018. Tenants included Wickes, M&S, B&M, Costa, Pets at Home and Subway. Claymore has recently acted for ASI in converting one of the units to accommodate a letting to Aldi, significantly enhancing the value of the investment which is now fully let.
Phase 2 land is currently being promoted for industrial and trade park uses.