M7 Real Estate has launched of a new planning and development business, M7 Developments, which will be led by Hugh Ellingham, currently Non-executive Chairman of M7, and Ben Hooton, M7’s Planning Director. Hugh will stand down from the board of M7 to focus on his new role as Chief Executive of M7 Developments. A new Non-executive Chairman of M7 is expected to be announced in the coming days.
The new initiative will build on the Group’s growing track record in developments, in particular, its current 750,000ft² phased mixed-use brownfield redevelopment of ‘The Green’ in Solihull in the West Midlands. This 47-acre site was the historic headquarters of automotive and aerospace manufacturer Lucas Industries, which is now part of the German engineering group, ZF.
M7 Developments will focus on substantial brownfield, medium-term redevelopment opportunities, principally in the UK, combining M7’s expertise in managing extensive, multi-let income producing assets with the opportunity to add value through future regeneration, where such assets are approaching the end of their economic lives.
Richard Croft, Chief Executive of M7 Real Estate, commented: “This is a natural progression for M7, building on our expertise in the UK multi-let real estate market and ability to identify value potential through the deployment of often complex asset management initiatives. We remain committed to the UK market and I look forward to working closely with Hugh in developing this business.”
Hugh Ellingham, Chief Executive of M7 Developments, commented: “After serving on the board of M7 for over four years, I am very pleased to be embarking on the establishment of this new development business. There is a compelling opportunity to generate attractive returns through strategic redevelopment in a range of locations across the country, such as our site in the West Midlands, where high-quality mixed-use regeneration is sought after, often with an emphasis on the provision of new homes, against a limited supply. We are actively pursuing a pipeline of projects as we focus on growing the business.”
