Canada Life has agreed to provide £38.1m to forward-fund the first phase of mixed-use regeneration scheme creating hundreds of construction job opportunities at Cross Quarter next to Abbey Wood Crossrail station.
The financing will be directed towards the development of an 81,000 sq ft foodstore pre-let to Sainsbury’s.
Additionally, Cross Quarter also acquired a planning consent for 220 residential apartments and 5,000 sq ft of retail and commercial space on the ten-acre site.
The industrial site was bought in April 2011 and is located next to Abbey Wood station, which will become the South East terminus for Crossrail in 2018.
Demolition works on the first phase have already begun way ahead of construction, which is scheduled to start later this year with a targeted completion in the second quarter of 2015.
Matthew Weiner, Development Securities director said: “The 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.” This initiative should generate many job opportunities in the building construction sector.