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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.

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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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