Planning application for Keighley site submitted

RNS Number : 9162K

Worthington Group PLC

25 July 2011

 



For immediate release                                                                                    25 July 2011

Worthington Group Plc ("Worthington", "the Company" or "the Group")

Planning application for Keighley site submitted

The Board is very pleased to confirm that we have submitted a planning application to Bradford Metropolitan Council for a mixed use development for our Keighley site.  As is normal with a development on this scale,  we have worked closely with the planners to draw up what we hope will be an acceptable scheme.  The application covers the development of an hotel, a cinema complex, retail outlets, industrial units and residential use.  The Directors believe, having consulted with their professional advisers, that the anticipated development costs will be approximately £30 Million and produce a significant return for the Company.

We are currently in discussions with various potential tenants and occupiers and hope that these discussions will lead to formal Heads of Terms and ultimately Agreements to Lease which we believe could effectively underwrite the development costs.

Once we have secured planning permission we will be better placed to determine how we should proceed.  We will consider seeking funding to undertake the development ourselves in its entirety or in stages, each phase potentially funding the next part of the development or consider if we should seek an experienced joint venture partner to take the project forward. We may also seek to sell the site outright with the benefit of planning permission and potentially funding and use the funds to pursue other opportunities.

We will today post a copy of the block plan of the proposed development on the company's web site at www.worthingtongroupplc.co.uk 

Enquiries:

Anne Aylesbury, PD Cosec Limited, Company Secretary, 020 8940 0963

Roland Cornish, Beaumont Cornish 020 7828 3398

Website:          www.worthingtongroupplc.co.uk

 

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