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Development funding - Case Studies
Lichfield Road
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Cyril Leonard advised ALSTOM, working in a joint venture with Liberty Mercian, on the redevelopment of approximately 20 acres of surplus land adjoining ALSTOM's existing operational facilities in Lichfield Road, Stafford. Planning consent was obtained for approximately 100,000 sq ft of non-food retail, two restaurants, a health and fitness centre and approximately six acres of private and affordable residential accommodation. Liberty Mercian have pre-let for approximately 60,000 sq ft to B&Q on a new 20-year lease at a commencing rental equivalent to £15 psf. Detailed negotiations are being held with prospective tenants for the remaining retail accommodation. ALSTOM have also contracted to sell the residential site to Westbury Homes. The commercial development has been funded with Albemarle LLP providing approximately £25 million of development finance for the project, providing a net investment return of approximately 5.7%. Andrew Hogge of Cyril Leonard commented, 'this project exemplifies how a corporate occupier can work closely with a preferred developer to unlock enhanced development value on surplus brownfield land. In accordance with best planning practice the development provides a sustainable mixed-use development with added benefits to the local community through Section 106 and Section 278 contributions. |
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