Development Securities in joint venture with Berkshire Investment Capital, has announced that Canada Life has committed £38.1 million to forward-fund the first phase of development at Cross Quarter, Abbey Wood, at a yield of 4.41 per cent.

The funding will finance the development of an 81,000 sq. ft. foodstore, pre-let to Sainsbury's, which will anchor this £85 million mixed-use regeneration scheme.

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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 adjacent to Abbey Wood station which will become the South East terminus for Crossrail in 2018.

Demolition works on the first phase have commenced ahead of construction starting later this year with a targeted completion in Q2 2015.

(CD)