Development Securities and Berkshire Investment Capital have secured £38.1m in funding for the first phase of its £85m mixed-use development at Cross Quarter in the UK.
The funding is to be provided by Canada Life and will finance the development of an 81,000ft² store, a pre-let to Sainsbury’s, which will anchor the Cross Quarter development.
Cross Quarter scheme will feature 220 residential apartments and 5,000ft² of retail and commercial space.
The project will be developed on the ten acre vacant industrial site, which was acquired in April 2011.
The site is located near Abbey Wood station, which will become the South East terminus for Crossrail in 2018.
Phase one demolition work has already started and construction is due to commence later this year, with completion expected in the second quarter of 2015.
Development Securities executive director Matthew Weiner said that Abbey Wood will benefit from the arrival of Crossrail and that the company’s activities in suburban London locations are well-connected and positioned for growth.
"This is an important milestone for Cross Quarter and we look forward to bringing the development to completion," Weiner said.
Apart from the Cross Quarter development, Development Securities is developing a £200m mixed-use regeneration scheme on Edgware Road in north-west London, UK.
The seven acre derelict Oriental City site will be redeveloped into 398,000ft² of retail and residential space featuring 223 apartments and townhouses, an 80,000ft² Morrisons supermarket and additional retail facilities.
Image: The Cross Quarter scheme will feature 220 residential apartments and 5,000ft² of retail and commercial space. Photo: courtesy of Development Securities.