Steamrock Capital starts retail park construction

Steamrock Capital has started construction on a prime retail park in Farnborough, Hampshire, in a joint venture with Catalyst Capital after preletting the entire scheme. The six units at the park, called Horizon, will be occupied by home furnishing firms Sofology, Wren, Oak Furnitureland, Harveys, Tapi and craft retailer Hobbycraft. Lease lengths are typically 10 years and the average rent is £35 per sq ft. Completion of the park is scheduled for September 2017. Horizon comprises 79,760 sq ft of office space and 228 car parking spaces on a four-acre site. Dan Neary, founder of Steamrock Capital, said: “Horizon shopping park is a great example of what we are about, creating significant value from property that requires a robust and focused business plan. “Our ability to both entirely prelet and commence construction of this asset in such a short timeframe post-Brexit is a clear demonstration of our excellent team and occupiers’ continued commitment and confidence in the bulky goods sector.” The letting agent for the development was Morgan Williams.