The firm is now expected to award the contract to build the 100,000 sq ft store to Bowmer & Kirkland.
Construction can get underway this month on the food store, six pump petrol filling station and 517 parking spaces at the former Jennings car retailers in the north of the City.
The project reflects Terrace Hill’s strategic decision to focus further on the supermarket development sector and is one of a number of similar developments within the Terrace Hill pipeline.
Philip Leech, Chief Executive of Terrace Hill, said: “The securing of forward funding is a significant step for the project, and underlines Terrace Hill’s ability to source financing for our developments, in spite of the challenging funding environment.
“We continue to see potential for further growth in the foodstore sector, and believe that our activities in this market will generate good returns on behalf of our shareholders as we progress this and our pipeline of opportunities.”