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6 December 1999
Countryside Properties PLC ("Countryside"), the residential and commercial property developer, with one of the largest urban regeneration programmes in the South East, announces that it has purchased a 1.4 acre site at the former Romford Brewery, Essex to develop the residential element of a major 500,000sq.ft. mixed use scheme.
The residential scheme, which will be worth around £12.3m on completion, will comprise 172 apartments for sale and rent. Countryside subsidiaries Copthorn Homes Ltd. and Countryside In Partnership PLC will develop the housing for sale and rent respectively.
Copthorn will provide 128 one, two and three bedroom apartments for sale of which 37 will be refurbished behind the old Brewery façade. Countryside in Partnership will construct 44 one bedroom apartments for rent on behalf of the London Borough of Havering and London and Quadrant Housing Trust.
The Countryside Group's scheme also comprises five retail units at ground floor level to be leased back to Romford Developments Ltd. and museum space to be leased to London Borough of Havering.
Countryside's development forms part of a substantial mixed use scheme being developed by Romford Developments Limited, a consortium owned by J Sainsbury plc and Stannifer Developments Ltd, with funding from Equitable Life. In addition to a major Sainsbury's store, the development will also comprise a 16 screen multiplex cinema, a health club, a family entertainment centre, as well as non-food retail units, pubs and restaurants.
Work will start on the residential elements of the scheme in January with homes being ready for occupation in September 2000.
Commenting, Graham Cherry, Chief Executive of Countryside Properties said:
"This scheme underlines the Group's strengths in high density, sustainable, mixed use and mixed tenure development. Romford Developments recognised our skills and abilities and the fact that we will be a valuable partner on such a sensitive brown field site within a centrally located conservation area."
"The market for new and refurbished apartments is always strong in such an excellent location in the town centre and within minutes of the train station. We look forward to working with our partners and the local planning authority to create a development of which the region can be proud."
ENDS
For further information, please contact:
Graham Cherry, Countryside Properties PLC 01277 260 000
Peter Binns, Binns & Co PR Ltd. 020 7786 9600
Chris Hope, Stannifer Developments Ltd. 01789 415 565
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Information correct as at 31/01/2008