Property news - Merchant to fund Pettifer

Merchant Place Corporate Finance has agreed to forward fund Pettifer Estates' development of a 21,000 sq ft (1,950 sq m) Homebase store at Ledbury, Herefordshire, for£3.3 million, reflecting a net initial yield of nearly 6.39 per cent. Homebase has signed a 20-year lease at£210,000 a year, with a fixed uplift at the first review to£237,595 a year.