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30 October 2000
Countryside Properties' subsidiary Copthorn Homes Ltd and Whitecliff Properties have recently received planning permission for the first phase of their joint venture project to create a substantial new high quality housing project for the fast-growing Kent Thames-side region. The 'Stone Castle' development will initially comprise 201 innovative new homes, which are to be built on a 5.4 acre (2.2 hectare) site beside the hugely successful Bluewater shopping centre.
161 homes will be available for sale whilst the remaining 40 will be affordable housing. Preliminary on site remediation work will commence this January with construction of the first phase starting early next year. The first homes are scheduled to be available for off-plan sale in Summer 2001 with prices expected to start from approximately £90,000.
The masterplan for Stone Castle includes a further phase of approximately 250 new homes, subject to planning permission, on 14.6 acres (5.9 hectares) of land which is under option as part of the transaction. A major new public open space of 5 acres (2 hectares) will also be provided. In total, Stone Castle has a completed development value of £67 million.
Graham Cherry, Chief Executive of Countryside Properties PLC, commented: "Copthorn recognises that Kent Thames-side is the fastest growing part of the Thames Gateway, the leading area of London's expansion. Housing requirements demand a wide range of high quality homes for a growing workforce as office development in Kent Thames-side is progressing at a rapid rate."
Robyn Pyle, Whitecliff's Chief Executive, commented: "Kent Thames-side has achieved so much in such a short time. To be able to deliver the vision through this project is very exciting and pushes the whole 20-year programme up one gear - just as Bluewater did in 1999. The Stone Castle project sets a residential development benchmark for the region in terms of architectural quality and landscaping," continued Robyn Pyle. "Such progress is encouraging to all with a commitment to the region's economic and social future."
For further information please contact:
Graham Cherry, Chief Executive, Countryside Properties PLC on 01277 260000
Hugo Peel, Director, Whitecliff Properties on 020 7395 7609
Nick Osborne or Louise Robson, Square Mile Communications on 020 7601 1000
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Information correct as at 30/10/2000