A 9-acre site west of the City Centre with previous planning permission for over 550 residential units which was unviable. The original funder, RBS, took back control of the land from the defaulting customer.
The site was developed in Q2 2015 and handed over to tenants in Q1 2016. The property on completion was let to M&S, Home Bargains, Aldi, Poundworld, Costa, Greggs and Indigo Sun.
The development was forward funded by BP Pension Fund and the adjacent residential development is currently onsite being developed by our new venture Ediston Homes Limited.
PURCHASE
The property was developed in Partnership with West Register Realisations (RBS) and forward sold at an initial yield of 5.75% to BP Pension Fund.
ACHIEVEMENTS
- Embarked on a successful planning campaign, engaging the support of local business, residents and politicians to develop a long-term derelict site.
- Secured planning consent in February 2013 for Open Class 1 Retail and a residential development. This was against policy and the planning officer’s recommendation to committee.
- Agreed a sale of the residential land which will also deliver a significant amount of social housing and secured a sale to a large RSL.
- Secured M & S, Aldi, Home Bargains and Costa (70% pre-let), following abortive discussions with Morrisons Supermarkets.
- Forward sold to BP Pension Fund.
