Ropemaker Properties has completed the funding of a town centre development in Egham, which has been pre-let to Waitrose and Travelodge.
Work will now start on site with completion scheduled for Spring 2014.
The development is being carried out by Albemarle Egham, a joint venture between Albemarle Syndicates and Liberty Properties.
The total purchase price will be approximately £17.6m, and the net initial rent circa £1m pa, reflecting £25 per sq ft for the 32,035 sq ft Waitrose and £4,100 per room pa for the 80-bed Travelodge.
As part of the development there will also be a 174-space car park, most of which will be underground.
The property is the subject of a 150 year lease from Runnymede BC geared to 11% of rents received.
Tony Rogers of Edgerley Simpson Howe, which acted for Ropemaker, said: “This development has taken a long time to assemble and needed a very positive and pragmatic approach from the developers, Runnymede BC, the tenants and Ropemaker to bring it to fruition.
“It is a significant regional development which will do much to breathe new life into Egham’s town centre, and all parties are delighted with the result and look forward to the development being completed.”
Egan Property Asset Management acted for the developer.