Development Securities and Wessex secure Resolution to Grant Planning at two sites for mixed-use development (UK)

Development Securities PLC in partnership with Wessex Investors today announces that it has secured Resolution to Grant Planning in respect of two land promotion sites in Barnstaple, North Devon and Launceston, Cornwall. Upon the expiry of the six-week judicial review period, the two sites will generate gains approaching £2 million (approx. €2.32 million) to Development Securities in its role as development manager.

At Barnstaple, the partnership is acting as development manager in order to promote a 31-acre site and bring it forward for redevelopment on behalf of its owners, SIG UK. Currently a derelict, former industrial site at the gateway to Barnstaple town center, Resolution to Grant Planning has been secured for a phased mixed-use redevelopment. The first phase will be anchored by a 78,000 ft² (approx. 7,250 m²) foodstore for which a conditional pre-sale was secured by the partnership to ASDA in 2009. The second phase will comprise up to 350 new residential units alongside a 60-bedroom hotel and 163,000 ft² (approx. 15,140 m²) of retail, leisure, community and employment space.

At Launceston, the partnership is acting as development manager in order to promote a 30-acre site on behalf of its landowner for a phased mixed-use development which will include retail, leisure and residential uses. The first phase of the scheme comprises a 51,000 ft² (approx. 4,740 m²) foodstore for which a site disposal has been agreed to Morrisons, a 60-bed hotel and a pub/restaurant, for which site disposals have been agreed to Premier Travel Inn and Marstons respectively. The second phase of the development, which has received resolution to grant outline planning, will comprise up to 275 residential units.

Source: Development Securities

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