Development Securities announces further progress at its £36 mln. scheme in Telford (UK)

Henry Davidson Developments, the wholly owned subsidiary of Development Securities PLC, has announced further progress at its £36 million (approx. €44 million) mixed-use regeneration scheme in Lawley Village, Telford, with the sale of a 1.1 acre site to leading housing and care provider, Sanctuary Group, on which they will fund the development of an £8 million Extra Care scheme which started on site March 2012.

The new homes will sit within the wider 8.95 acre Lawley Village regeneration scheme that includes a 40,400 ft² Morrisons food store, 15,400 ft² of retail units, 37 apartments and town houses and ancillary uses, a consented nursery scheme and a 60 bed hotel which has outline planning consent.

This latest deal with Sanctuary Group follows on from the announcement earlier this year regarding the pre-sale and funding of the Morrisons food store to a client of La Salle Investment Management for £12 million.

Construction of the food store and retail units began in January 2012 and practical completion is due in Q4 2012. There is strong interest in all of the additional retail units which will be sold once fully let and early interest in the residential element of the scheme which is now being marketed for sale.

Source: Development Securities PLC

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