Lasalle forward funds Leigh scheme
Published: 11 October, 2010
Salmon Harvester Properties, the joint venture between Salmon Developments and NFU Mutual, has secured forward funding for its 165,000-sq ft retail and leisure scheme in Leigh, Lancashire.
LaSalle Investment Management has signed a deal for £48m development on Spinning Jenny Way. The funding reflects a blended yield of 5.47 per cent.
The scheme comprises a 120,000-sq ft Tesco supermarket and a 32,000-sq ft seven-screen Cineworld multiplex. Both operators have signed 25-year leases with fixed or RPI uplifts. There are also four small restaurant units totalling 12,500 sq ft to be let.
Salmon Harvester purchased the former radiator factory speculatively from the Quinn Group in 2009 and secured planning permission from Wigan District Council by negotiation for a mixed use scheme within a year.
The building contract has been awarded to McLaren Construction and work started on site this week. Completion is scheduled on a phased basis between May and September 2011.
Salmon Harvester was represented in the site acquisition and funding by Lyndon Yeomans, who have also been retained to let the restaurants. LaSalle was represented by Hoddell Stotesbury Morgan and Montagu Evans.
