Fairbriar has invested £5 million ($7 million) for a 47.5% share of the joint venture company. CPL holds another 47.5%. London Town, which owns 5%, has been appointed project manager for the development. Funding will be provided by the Bank of Scotland. Between them they have paid £29.5 million ($41.6 million) for the site.
The phased development will take four years to complete. Planning consent has already been granted for 63 one-bedroom apartments, 222 two-bedroom apartments, 28 three-bedroom apartments and two four-bedroom apartments, 150,000 sf of offices and 107 social housing units, which have been pre-sold to Network Housing for £11.3 million ($15.9 million). The first apartments will be completed in early 2003; marketing will begin next spring.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
