Great Portland had originally agreed to finance the 445,000 sf scheme, and agreed a two-year lock-in, but it has subsequently changed corporate strategy and decided to quit the retail sector to concentrate on central London offices. The High Wycombe project has been delayed by a lengthy planning and compulsory purchase process, but the Compulsory Purchase Order was finally granted in May 2000, clearing the way for a start on site in September 2002. The Dutch-based MAB will now have to find a new financial backer.
House of Fraser has signed a pre-letting on the anchor department store and the project includes a new bus station, library, multiplex cinema and health and fitness club. Both sides said the dispute had been resolved amicably, and GPE director David James said: 'As owner of the neighbouring Octagon Centre we have always supported the Western Sector development and we will continue to work with MAB and Wycombe District Council to see a successful integration of the schemes.'
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.