Sale of First Phase of Berewood Development

RNS Number : 9821N

Grainger PLC

05 October 2012

 



5 October 2012

Grainger plc

("Grainger", "The Company")

GRAINGER SELLS FIRST PHASE OF MAJOR HAMPSHIRE HOUSING DEVELOPMENT

TO BLOOR HOMES

- Grainger plc has sold the first phase of its Berewood scheme in Hampshire to Bloor Homes, a site with planning consent for 194 new homes -

Grainger today announces that it has sold the first phase of its Berewood housing scheme to Bloor Homes, an 11.2 acre site with planning consent for 194 new homes (of which 77 are affordable). Bloor Homes will begin construction in November, with the first homes expected to be completed in Spring 2013. The end gross development value ("GDV") for Bloor Homes is anticipated to be in the region of £35m.

The sale is in line with Grainger's strategy for Berewood, the major housing development in Hampshire, which is to sell phases of consented land to housebuilders after first installing infrastructure, such as roads and utilities. This is the first phase of thirteen at the Berewood development, which in total comprises 168 developable acres.

Grainger's Berewood scheme, located in Waterlooville, Hampshire, will see 2,550 new homes, two new schools, offices, retail, and two new pubs built over a 10 to 15 year period. The scheme, masterplanned by Savills and with phase one designed by Robert Adam of ADAM Architecture, is in tune with the garden city concept, where well-designed homes, green space and community facilities dominate the masterplan.

The scheme, built and designed for long term success, comes at the same time that Grainger celebrates its 100^th year birthday and as Grainger applies to set up its own affordable housing provider ("Registered Provider") in order to own and manage the affordable housing at Berewood for the long term.

Throughout the competitive tender process, Bloor Homes demonstrated that it would be an excellent development partner for Grainger because it fully understands the long term vision Grainger has for Berewood. Furthermore, it has also successfully delivered other schemes designed by Robert Adam. Grainger is looking forward to working with Bloor Homes over the next two years to implement what is a very important stage of the Berewood development.

The scheme received outline planning consent late in 2011 along with detailed planning consent for this first phase.

John Beresford, Development Director at Grainger plc, said:

"When we first met Bloor Homes they stood out as an organisation which clearly understood the scheme and was very understanding of the long term nature of the Berewood development and how Grainger wants to create a fantastic place to live. When they were shortlisted I visited a few of their current schemes and was impressed with the high quality of the developments. I am very excited to see the first homes be created at this wonderful new community."

Adrian Bloor, Southern Regional Chairman at Bloor Homes, said:

"Bloor Homes are delighted to have been selected by Grainger Plc to deliver the first phase of this exciting Berewood neighbourhood development. What particularly attracted our company to the project was the high quality of design and the attention to detail in the implementation of the infrastructure. Combined, these two qualities will create a premium environment which complements the Bloor Homes brand."

-ENDS-

For further information:

Grainger plc
Kurt Mueller
Tel: [phone]

FTI Consulting

Stephanie Highett/Dido Laurimore/Will Henderson

Tel: [phone]

Notes to editors:

Outline of Berewood, Hampshire

·      Berewood is a residential-led mixed use development located West of Waterlooville, in South Hampshire.

·      In 2010 Grainger plc obtained planning permission for 1,550 new homes within the Plant Farm Zone of Berewood. Winchester City Council and Havant Borough Council then identified the need for an additional 1,000 new homes.

·      The masterplan was updated to help deliver the additional homes and local facilities, and to ensure that the important features of the site can be retained. A revised application was submitted in 2010 following an extensive public consultation program. Planning permission was granted in March 2011. 40% of the new homes will be affordable.

·      The consent allows for the building of 2,550 family homes, together with supporting social infrastructure, which includes a local community centre, land designated for healthcare and elderly care facilities, as well as two primary schools and a nursery. 

Grainger plc - company background information

Grainger plc is the UK's largest listed residential property owner and manager, with over £3.0bn of residential assets under management across the UK and Germany. Grainger generates income through:

·      Sales of properties when they achieve optimum valuations

·      Rent from its portfolio of tenanted properties

·      Fees for the management of residential properties and the provision of its expert services to select third party clients.

Additionally, Grainger is a leading provider of equity release products through its award-winning subsidiary brand, Bridgewater Equity Release.

Grainger was established in 1912 in Newcastle upon Tyne, where it remains headquartered. It has eight offices across the UK and Germany. Grainger is a constituent of the FTSE 250 on the London Stock Exchange and the FTSE4Good index. In 2012, Grainger was awarded the UK's Residential Asset Manager of the Year at the RESI Awards.

 

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