Finance to enable the first phase of Development Securities’ mixed-use development next to the Abbey Wood crossrail station to go ahead
Development Securities has secured £38.1m in funding for the first phase of its £85m mixed-use scheme at Cross Quarter next to the Abbey Wood Crossrail station.
The developer said funding, provided by investor Canada Life, would finance the development of an 81,000 sq. ft. store, pre-let to Sainsbury’s, which will anchor the Cross Quarter development.
The wider Cross Quarter scheme, which won planning last year, comprises 220 residential apartments and 5,000 sq. ft. of retail and commercial space.
The vacant, industrial site, covering 10-acres, was acquired in April 2011 and lies adjacent to Abbey Wood station which will become the South East terminus for Crossrail in 2018.
Demolition works on the first phase have commenced ahead of construction starting later this year with a targeted completion in Q2 2015.