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22 October 2003
This is the first of a number of important schemes we have been working on in the last few years in the high growth Cambridge residential and commercial property market.
Richard Cherry, Group New Business Director.
Countryside Properties PLC, ("Countryside Properties"), a leading developer of sustainable communities, has entered into a joint venture arrangement with Apollo International Real Estate Fund ("Apollo") to undertake the development of 'Accordia', its new residential development in Central Cambridge. The 24 acre site is located on Brooklands Avenue close to the Cambridge University Botanical Gardens.
A joint venture vehicle has been set-up by Countryside Properties and Apollo to develop the scheme which has a completed development value of approximately £150 million. A non-recourse project loan is being provided by Royal Bank of Scotland.
Accordia will comprise 378 contemporary new houses and apartments including 114 affordable homes for rent and shared ownership. The development features highly contemporary urban architecture which recently received an accolade at the RIBA Housing Design Awards for its design excellence.
Construction has already commenced on site and is being undertaken by Kajima under a fixed price design and build contract. The first houses will be released for sale in Spring 2004 with completion of the development expected in early 2007.
Richard Cherry, Group New Business Director, Countryside Properties, commented:
"These new homes are exceptional and set new standards of design for living at higher densities in city centres. Cambridge has a pronounced lack of availability of housing particularly in the city centre and we therefore expect that there will be strong demand for these new homes. This is the first of a number of important schemes we have been working on in the last few years in the high growth Cambridge residential and commercial property market. Accordia illustrates once more our skills and expertise in mixed-tenure urban regeneration that should ensure that we continue to create such opportunities in the future."
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Information correct as at 22/10/2003