Belgrave Land - Retail Development - Kettering

Date: 21 Aug 2008

Belgrave Land is to start work on the 39,000 sq ft second phase of its Telegraph Park retail scheme in Kettering having landed a trio of prelets.

Belgrave Land owned and managed by Jonathan Willoughby, Richard Swaine and John Hoyle, has a 600,000 sq ft portfolio of which the majority is retail warehousing. It is driven by maximizing values through intensive asset management. It currently has planning applications on going in Wisbech, Grimsby, Perth and Sheffield.

PC World is taking 10,000 sq ft plus a 4,000 sq ft mezzanine level on a 15-year lease at £20 per sq ft at the Dunbar Bank-funded Telegraph Park which is on Northfield Avenue, Kettering. Comet is taking 10,000 sq ft plus a 10,000 sq ft mezzanine level on a 15-year lease at £19 per sq ft. Maplin is taking 3,700 sq ft plus a 1,300 sq ft mezzanine level on a 15-year lease at £20 per sq ft.

The first 62,000 sq ft phase of Telegraph Park consists of a 50,000 sq ft Wickes store and a 12,000 sq ft Carpetright. Belgrave Land director, Richard Swaine said: "Wickes is now a well established anchor which is trading well. This was obviously an attraction to the new tenants who also see strong sales potential based on the town's exponential residential growth prospects."

Dunbar Bank provided the development finance for the £15m first phase and is now providing £5m for site acquisition and development finance for the second phase of Telegraph Park which is scheduled to complete around March 2009, with the store openings scheduled for Easter 2009. Richard Swaine said: "We have always found Dunbar Bank very supportive. They understand development and provide us with quick and decisive feedback."

Dunbar Bank lending director Nigel Jackson said: "Not all in the world of property is doom and gloom.
Belgrave Land have been excellent clients of ours for many years and we are delighted to have the opportunity to fund this new exciting scheme for them."

Richard Swaine added: "As well as ongoing planning situations, we are also currently looking to exploit additional asset management opportunities present in our 600,000 sq ft portfolio through tenant rejigs."

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