A pension fund client of ESH has entered into a funding agreement with Oakgate Monks Cross Ltd in respect of a major new shopping park at Monks Cross, York
The Vangarde Shopping Park will extend to 339,000 sq ft and be occupied by Marks and Spencer, Next and the first out of town John Lewis Department Store in the North East. A terrace of restaurants and small retailer pods completes the development.
The scheme is being constructed on a 30 acre site and is due to open by Easter 2014.
Marks and Spencer will occupy a unit of 130,000 sq ft across two retail levels and are purchasing their own unit on a long leasehold basis.
The Fund are acquiring the balance of the freehold scheme for £62.55 million, reflecting a yield of 5.15%.
The new flagship development will also provide significant funding for a new 6,000 seat Community Stadium as part of the enabling works