Securing a hyperscaler lease is a circular problem. Capital providers want a signed lease before committing, yet developers must spend heavily up front, securing grid connections and preparing the site, before a hyperscaler will sign. Even premium assets in core markets are not immune. Speaking from both sides of the table, as developer and as fund manager, this case study draws on a UK development scheme to examine how that catch-22 was solved in practice. Hear how the development process was matched to the funding process, what had to be invested ahead of a tenant to make the asset lease-ready, and the wider lessons for investors and developers deciding when and how to commit capital.