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30 May 2000
Merton Abbey Mills
Countryside has secured this 9.5 acre site by part purchase and part option. The Group is proposing a mixed development comprising more than 300 residential apartments, a hotel and a health and fitness centre which will ultimately provide over 100,000sq.ft. of commercial accommodation. Merton Abbey Mills Arts and Crafts Market, which fronts on to the River Wandle, will be refurbished and extended so that this weekend retail attraction can increase its trading capacity during the week
Completed development value is expected to exceed £80m.
Latham's Yard
Countryside has entered into a conditional contract, with James Latham PLC, for the acquisition of a 13 acre site in Upper Clapton, Hackney where it is proposing a mixed use redevelopment. The scheme will provide a balanced mix of housing with a range of small business accommodation, light industrial space and live/work units.
Countryside will be promoting the scheme thorough the local planning process during 2000. Completed development value is likely to be in the region of £90m.
Graham Cherry, Chief Executive, commented:
"These major schemes will further enhance Countryside's substantial portfolio of mixed use, sustainable, urban regeneration projects. The Group's ability to develop schemes of mixed tenure and mixed residential use is enabling us to undertake these types of schemes with increasing frequency. Both the Merton Abbey Mills and Latham's Yard schemes fully conform with the vision for urban development set out by the Government's Urban Task Force".
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For further information please contact:
Countryside Properties PLC
01277 260000
Michael Pearce, Finance Director
Guy Lambert, Corporate Communications Manager
Square Mile Communications
Louise Robson or Stephanie Smart
020 7601 1000
Notes to Editors
Countryside Properties PLC, founded in 1958, is one of the UK's leading residential and commercial property developers. It also develops sustainable new mixed use communities through its urban regeneration activities. Countryside's developments are primarily in the South East, but it also has developments in the South West and North West of England as well as South Wales. Based in Brentwood, Essex, the Group is listed on the London Stock Exchange with a market capitalisation of £93.6m. In the year to 30 September 1999, total Group turnover was £251.8m (1998: £204m) and pre-tax profit was £19.2m (1998: 14.6m).
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Information correct as at 30/05/2000