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6 March 2001
Countryside Properties PLC, the developer that creates sustainable new communities in urban and rural areas, announces it has secured three major developments in a strategic move into the high growth Cambridge residential and commercial property market.
Countryside Properties now controls two major development opportunities close to Cambridge city centre, which will provide a total of some 560 new homes with a completed development value of £150m. In addition, the Company has signed an option agreement to create a sustainable mixed use community on 182 hectares (450 acres) to the west of Cambridge with the potential for 2,000 homes and 75 acres of commercial space. Details of the three proposed developments are outlined below.
- At St Andrews Road in central Cambridge, Countryside Properties has acquired a 4.3 hectare (10.6 acre) site adjacent to the River Cam. The site is currently used as an electronics factory by Simoco Europe Limited. The Company is proposing to build 182 new houses and apartments, of which 54 will be affordable homes for rent and shared ownership. Cambridge City Council have resolved to grant outline planning permission and construction is expected to start in Spring 2002 with completion anticipated in Summer 2004. Completed development value is projected to be £60m.
- Countryside Properties and Kajima, the Japanese contractor developer, have exchanged contracts to redevelop a 12 hectare (30 acre) site at Brooklands Avenue in central Cambridge. Under a PFI contract Kajima will design, build, finance and operate 15,840m² of long-term serviced office accommodation for a number of government bodies. Upon completion this will release 9.7 hectares (24 acres) of land for new housing, which will be developed by Countryside Properties during the period 2003-2006. 382 new homes are proposed, including 114 affordable homes. A planning application has been submitted to the City Council for the scheme which will have an expected completed development value of £90m.
- Countryside Properties has secured an option agreement to purchase 182 hectares (450 acres) at Bourn Airfield, situated on the A428 adjacent to the new Cambourne development, 6 miles west of Cambridge. It is envisaged that, subject to planning permission, some 2,000 mixed tenure homes will be built on 91 hectares (225 acres) with 30 hectares (75 acres) of business park, and 60 hectares (150 acres) of open space and ancillary uses. Countryside Properties will be promoting the mixed use scheme through the planning process with a view to it being allocated for development in 2007.
To support this expansion a Cambridge regional office has just become operational.
Commenting Richard Cherry, Group New Business Director, Countryside Properties, said: "Cambridge has a world class reputation for its leading-edge knowledge based businesses and is the hub of the fast growing East of England region. However, it's widely recognised that Cambridge's continued success could be threatened by the lack of availability of housing and business premises. It is a reflection of our strong market position, and our skills in mixed tenure and mixed use development, that we have secured these significant brownfield schemes in such good locations. We expect that there will be strong demand for the new homes and business space."
ENDS
For further information contact:
Graham Cherry, Chief Executive, Countryside Properties 01277 260000
Nick Oborne, Square Mile Communications 020 7601 1000
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Information correct as at 06/03/2001