PMJ Capital has completed on a £1.6M development loan for 100% of the build cost for a joint venture between North West property firms, Lane End Group and construction company, Williams Tarr.
The loan will fund the construction of a CO-Op convenience store and five other retail units in Sandymoor, Runcorn, Halton
Located in the Sandymoor area of Halton, the new retail local centre will provide much needed amenities for the large, well established residential area.
The funding package comprises of a development loan, over a 12-month term with the completed development valued at £2.9M GDV.
Scott Ashall, director at Lane End, added: “Having worked with Lee and PMJ on a recent development for a new Costa Coffee in Northwich, they were the first we called on when we embarked on this new project.
“We see PMJ as a key part of our team; they provide a real partnership approach to development funding, completely simplifying the process.
“Sandymoor is a well-located area with over 900 homes and, currently, has no local amenities.
“This new scheme will provide local amenities to support the thousands of residents living in Sandymoor. Once complete, the residents will have the benefit of new CO-OP convenience store, a veterinary surgery, which will be operated by North Star Vets, and we are also hoping to announce two further occupiers shortly. This will leave us with just two retail units being available.”
Lee Barton, development director at PMJ Capital, added: “This is the second project we’ve worked on with the team at Lane End and we are delighted to be able to support them once again”.
Work is expected to take around 10 months with completion due in January 2022.