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Sat September 25 2021

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Funding in place to start Abbey Wood regeneration

3 Feb 14 Funding has been secured for a key part of an £85m mixed-use regeneration scheme in Abbey Wood, in southeast London.

The Cross Quarter scheme
The Cross Quarter scheme

Development Securities, in joint venture with Berkshire Investment Capital, has got a commitment Canada Life for £38.1 million to forward-fund the first phase of development at Cross Quarter, Abbey Wood.

The funding will finance the development of an 81,000 sq. ft. Sainsbury's supermarket, which will anchor the overall scheme.

In addition to the foodstore, Cross Quarter has planning consent for 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 next to to Abbey Wood station which will become the southeast terminus for Crossrail in 2018.

Demolition works on the first phase have begun ahead of construction starting later this year. Completion is targeted for the second quarter of 2015.

Development Securities director Matthew Weiner said: "Today's announcement adds to the continued strong progress that we are making across our development and trading portfolio to create value through regeneration. Abbey Wood is set to significantly benefit from the arrival of Crossrail and our investment here supports our activities in suburban London locations which are well-connected and positioned for growth. This is an important milestone for Cross Quarter and we look forward to bringing the development to completion."

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