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22 November 1999
The commercial and residential elements of the development are being undertaken by Countryside subsidiaries Countryside Properties (Commercial) PLC and Copthorn Homes Limited respectively. Planning consent was obtained in March. The health and fitness centre has been pre-let to Healthland UK Limited on a 25-year lease at a rent of approximately £325,000 per annum with a five-month rent-free period. It has been forward-sold to clients of Lasalle Investment Management for £4.14 million, at a yield of approximately 7.85%. The children's day care site has been sold to Leapfrog Day Nurseries for £400,000. The residential element of the scheme will comprise 8 two and three bedroom town houses and 35 two bedroom apartments with prices ranging from approximately £80,000 to £135,000. Work has now started on the commercial elements of the scheme, which will be completed in June 2000. Residential development will start in the New Year, with homes being ready for occupation in autumn 2000. Commenting, Graham Cherry, the Chief Executive of Countryside, said:
"The Group's wide range of skills and abilities in building communities and creating mixed-use developments is reflected in our success in securing and forward selling this important scheme. The development's excellent location in Chelmsford town centre will ensure that the homes are highly sought after. We will also be providing much needed recreational and nursery facilities."
ENDS
For further information, please contact: Graham Cherry, Chief Executive, Countryside Properties PLC 01277-260 000 Mark Chatham, Director, Countryside Properties (Commercial) PLC 0171-408 0099 Peter Binns, Binns & Co Ltd 0171-786 9600
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Information correct as at 22/11/1999