£4m forward funding secured for new restaurant drive-thru park
3 Willows and GB Partnerships, advised by Savills, have secured Metric Income Plus Limited Partnership, a joint venture between LondonMetric and USS, as funding partner for the 7,050-sq ft Forge Island drive-thru roadside park in Telford.
On behalf of the JV, LondonMetric has agreed a £4.02m forward funding of the park that will comprise three purpose-built drive-thru restaurants with tenants Burger King, KFC and Costa Coffee. The site totals 2.4 acres – and includes 80 car parking spaces. Located directly off Junction 5 of the M54, the scheme is close to nearby Telford Forge shopping park and Telford Bridge retail park, home to occupiers including TK Maxx, Argos and Halfords. The park is expected to complete in Q4 2018.
Richard Fletcher-Brewer, associate director in the investment team at Savills, comments: “Forge Island benefits from an attractive tenant line up and a roadside location that is popular with complementary occupiers.”