Rockspring Property Investment Managers announces that it is funding the development of a supermarket in Milton Keynes for £12.27m, reflecting a net initial yield of 5.1 percent, on behalf of a separate account mandate. Frontier Estates is Rockspring’s development partner for the project.
Pre-let to Sainsbury’s on a 25 year lease, the scheme, which is due to be completed in Spring 2014, is located at Shenley Church End in Milton Keynes, and will provide 38,000 sqm of retail space and 238 car parking spaces. Construction is due to commence on the site imminently.
Rockspring was advised by Douglas Stevens. Frontier Estates was advised by Warneford.
