Lateral Property Group has completed the forward funding of a new-build M&S Simply Food store in Reading to a major UK pension fund for £9.2 million.
Lateral obtained planning permission for the new 15,000 sq ft store in November last year and M&S will be taking a 20-year lease from practical completion. Construction will commence imminently with completion scheduled for the autumn.
This 1.4 acre site situated 1.5 miles east of the town centre is strategically located on the A4 (London Road) which serves the East Reading catchment.
Steven Redshaw, joint managing director of Lateral, said: “Successfully achieving planning and the forward funding at Reading is another significant achievement for Lateral and strengthens our relationship with M&S in this prime location where they have had a longstanding requirement. We look forward to completing the development to allow them to open for Christmas trade.”
Lateral Property Group was advised by Fawcett Mead. Clay Street acted for the fund.
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