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24/05/2013
Dev Secs Secures Resolution To Grant Planning For £150m Regeneration Scheme
Development Securities has announced that it has secured Resolution to Grant Planning at its seven-acre development site at 399 Edgware Road, North West London, for a £150 million, mixed-use regeneration scheme.
The positive planning news follows on from the announcement that the 80,000 sq. ft. foodstore that will anchor the scheme has been pre-let to Morrisons on a 35-year lease. The consented scheme will also include 183 private residential units, over 50,000 sq. ft. of retail and restaurant space, new public realm and a primary school that will transform this currently derelict site and create a vibrant new mixed-use community. The scheme is now being marketed for funding and start on site is anticipated in September 2013.
The announcement also follows on from recent news regarding the £11.4 million sale of a 19-acre residential site in Broughton near Chester to a housebuilder. The combined progress at Broughton and 399 Edgware Road, two of the Company’s most significant non-income producing legacy assets, will allow a substantial amount of cash to be released over the next 18 months.
(CD)
The positive planning news follows on from the announcement that the 80,000 sq. ft. foodstore that will anchor the scheme has been pre-let to Morrisons on a 35-year lease. The consented scheme will also include 183 private residential units, over 50,000 sq. ft. of retail and restaurant space, new public realm and a primary school that will transform this currently derelict site and create a vibrant new mixed-use community. The scheme is now being marketed for funding and start on site is anticipated in September 2013.
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The announcement also follows on from recent news regarding the £11.4 million sale of a 19-acre residential site in Broughton near Chester to a housebuilder. The combined progress at Broughton and 399 Edgware Road, two of the Company’s most significant non-income producing legacy assets, will allow a substantial amount of cash to be released over the next 18 months.
(CD)
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