U+I, acting in partnership with Quinn Estates, secured resolution to grant planning at Newtown Works in Ashford. The plans will transform the site, which includes a Grade II Victorian engine works, and a variety of other listed buildings, into a vibrant mixed-use scheme, delivering considerable film and studio floorspace, 300 homes, offices, a 120 bed hotel and a 383 space multi-storey car park. Gains for this project had been targeted in FY2020 but the General Election and then Covid-19 delayed the planning committee meeting until now. U+I is in discussions on the sale of the residential and commercial components and believes values to be in line with previous guidance on this project.
The company has also completed the acquisition of Arkley Golf Club in line with its golf course strategy. It now has six current or former golf courses in its development and trading portfolio, comprising approximately 515 acres and with a combined Gross Development Value of €1.6bn (£1.4bn). These have the potential to deliver long-term development gains. U+I is targeting c.€91.3m (£80m) of gains from these opportunities over the next eight years.
Matthew Weiner, CEO of U+I said: "In spite of continued external challenges, we are continuing to make progress as a business. Securing resolution to grant planning at Newtown Works is a key milestone, as significant planning delays had halted our progress in bringing forward this site, full of character and heritage. Importantly, when completed, the scheme will deliver much needed homes, film studio space, offices, a hotel and parking to the Ashford community. The strategic acquisition of Arkley Golf Club secures its future, allowing the Club to stay open for the local community, whilst enabling U+I to strengthen its golf course portfolio. We are very cognisant of preserving cash in the current climate. However, the Board will continue to review acquisitions like this one on a case by case basis where it believes they will strengthen U+I's portfolio and have the potential for longer-term value creation."
