Funding agreed for new retail development in Hereford
UK property developer Stanhope has selected British Land as its funding partner for the financing of a large retail development in Hereford town centre.
This is the first funding agreement for British Land since the property downturn.
The scheme at the 310,000 sq ft Old Livestock Market in the town centre is expected to be worth approximately £100 million on completion. A number of tenants have already been secured including Waitrose and Debenhams.
Stanhope’s strategy is to revitalise town centres through more high street developments and to reverse the trend for retailers to move to out-of- town shopping centres. The company has already been involved in town centre regeneration projects in Bracknell and Stevenage. Stanhope siad the scheme will lead Hereford Futures’ 100 acre regeneration project and act as a catalyst for the growth of Hereford.
The scheme is expected to come to the market in 2014 at a time when it is predicted that there will be a shortage of new retail space. It has been reported that Stanhope is also planning to bid on a new retail scheme in Salisbury.
