A new £8.5 million retail-led local centre in Milton Keynes, which includes an Asda supermarket, six shops and a day nursery, has been completed by Henry Davidson Developments (HDD).
The development provides community facilities for the Newton Leys area, where more than 800 homes have been built – with up to 2,250 new homes envisaged by 2022.
HDD – which specialises in retail-led and mixed-use developments – worked in partnership with housebuilder Taylor Wimpey to relocate the local centre to provide a more sustainable and valuable development.
The scheme includes an 11,250 sq ft supermarket, pre-let to Asda having been sold to Knight Frank Investment Management (KFIM).
There are a further six retail units of 1,000 sq ft each – five of which have been pre-let – which have been sold to Holwood Investment Properties. A care home, day nursery, pub, eight apartments and six town houses complete the development. HDD is in discussions with a number of pub and nursery operators.
The ASDA supermarket has opened and the shops are expected to open for business before the year end.
HDD is delivering major retail-led mixed-use developments across the UK, including Didcot in Oxfordshire, Hampton at Peterborough and the final phase of Lawley Village in Telford.
HDD managing director Scott Davidson said: “This has been a great project to work on and we are very pleased to announce it has reached practical completion. The people of Newton Leys now have a wonderful local centre to service their needs.
“The fact that the supermarket was pre-let to Asda, and five of the six retail units have also been pre-let, clearly demonstrates how popular this location is. We also expect to be able to make positive announcements regarding the public house and the day nursery shortly.”
KFIM forward funded the Asda development and debt was provided by Hampshire Trust Bank.
HDD recently completed the relocation of its headquarters to Birmingham and has quickly capitalised on the city’s booming commercial property market. The ambitious property developer – which specialises in retail-led, mixed use developments – is expanding its operations after relocating from Nottingham with support from Finance Birmingham.
