A DEAL has been secured to finance the multi-million pound redevelopment of the Square shopping centre in Hale Barns.
Developers Development Securities and Citybranch have reached an agreement for a client of CBRE Global Investors to fund the revamp of the 1960s shopping mall in Hale Barns for £14.8 million.
Development Securities says this will finance the development of the whole scheme.
Work is currently underway on the project.
The 1960s shopping mall has been demolished and is being replaced with a development that includes a Booths supermarket and cafe, between five to 10 shops and 24 flats.
The work is due to be completed by the end of the year. Plans to revamp of the shopping centre were held up for two years because three businesses refused to move out.
But after a after a public inquiry in February last year, secretary of state Eric Pickles rubberstamped planning inspector Mel Middleton’s recommendation to grant compulsory purchase orders (CPOs) for the three businesses.
Matthew Weiner, of Development Securities said: "The Square will deliver a vibrant foodstore-anchored mixed-use development on the site of a former shopping centre which we acquired in a state of obsolescence.
“We are pleased to have now secured funding which will finance the delivery of the project and enable us to monetise our position."
* THE scheme to redevelop the Square was approved by Trafford’s planning committee in March 2011, after development plans for the shopping centre had moved back and forth through the planning process for five years.
In 2008, a much larger scheme was finally approved despite a high profile campaign by the Hale Barns Residents Response Group to block it.
But this scheme was shelved after anchor store Waitrose pulled out in favour of opening a store in Broadheath.