Rockspring Property Investment Managers and its development partner, Simons Development, said that construction has commenced on the first phase of Bargoed Retail Plateau in South Wales.
Rockspring Property Investment Managers and its development partner, Simons Development, said that construction has commenced on the first phase of Bargoed Retail Plateau in South Wales.
The £25 mln (EUR 30 mln) development is a joint venture with Caerphilly County Borough Council (CCBC) and the Welsh government and has been funded by Rockspring at a net initial yield of 5.9%. The site will provide 77,000 sq ft (7,100 m2) of retail space comprising a 57,000 sq ft supermarket and a petrol station, pre-let to Morrisons for 25 years, as well as a further seven retail units, pre-let to Caerphilly County Borough Council for 25 years.
The scheme is due to complete in summer 2013.
'The development of The Plateau site at Bargoed is in line with our strategy of creating value through funding developments at a discount to standing investments. Once developed, the Plateau will provide a secure indexed income stream from Morrison’s and CCBC,' said Phil Sturdy, Rockspring's European director.
Simons was advised by Savills and Ian Metcalfe and Associates. Rockspring was advised by Jones Lang LaSalle.
