Urban&Civic plc Update re New Urban Extension at St Neots (2104I)
20 March 2018 - 6:00PM
UK Regulatory
TIDMUANC
RNS Number : 2104I
Urban&Civic plc
20 March 2018
20 March 2018
Urban&Civic plc
Urban&Civic: strategic scale at record speed
Urban&Civic (the "Company") reports that the Resolution to
Grant an Outline Planning Application for a new urban extension at
St Neots, Huntingdonshire, submitted jointly by the Company and
trusts associated with Nuffield College, Oxford was approved by the
relevant committee of Huntingdonshire District Council yesterday
evening.
The proposed extension, includes, inter alia, up to 2,800 new
homes, two new primary schools, health facilities and 63,000 sqm of
new employment space. Urban&Civic acquired a 33 per cent
interest in the project for an aggregate consideration of GBP13.3
million in April 2017. Without placing a value on the commercial
space, the acquisition consideration represented a cost of
GBP14,285 per residential plot.
The application was submitted on 30th October 2017, meaning
determination took place within 20 weeks. Terms have been agreed
for the first parcel sale under Urban&Civic's bespoke Master
Developer licence model. The target is for first occupations not
later than November 2019. Given the substantive change in the
status of the project since acquisition, the holding will be
revalued in the Company's forthcoming interim results to 31st March
2018.
Commenting on the outcome, Nigel Hugill, CEO of Urban&Civic
said;
"Last night's decision demonstrates exactly what can be achieved
when a Master Developer and a committed Local Authority work
positively together. The application, including almost 3,000 new
homes, was determined within 20 weeks. That must be a record. In
thirty years of large scale development, I have never known a new
strategic application being determined so expeditiously. First plot
sales will be under the now established Urban&Civic licence
model and are well advanced. We are working towards initial
occupations within two years of application submission. The
historic average on major residential projects is almost seven
years."
For further information, please contact:
Urban&Civic plc 020 7509 5555
Nigel Hugill /David Wood
FTI Consulting 020 3727 1000
Giles Barrie / Dido Laurimore
urban&civic@fticonsulting.com
About Urban&Civic plc
Urban&Civic plc is an established UK property development
and investment company listed on the London Stock Exchange's main
market (UANC), with total assets valued at over GBP550 million (30
September 2017). Headquartered in London and with a network of
regional offices, Urban&Civic's team is led by Nigel Hugill,
CEO, and Robin Butler, Managing Director. The Company has
significant in-house expertise across site assembly, planning,
project management, delivery, community engagement and sales.
Strategic land constitutes the core of Urban&Civic's
business model where, as Master Developer, it owns or has the
stewardship of over 5,500 acres across seven sites in or close to
Cambridge, Calvert, Corby, Huntingdon, Newark, Rugby and St. Neots.
These sites will deliver approximately 34,500 new homes, in excess
of seven million square feet of business space and at least
fourteen primary and six secondary schools over the next
approximately 15 years.
In addition and together with the Wellcome Trust,
Urban&Civic has recently been selected to partner with
Basingstoke and Deane Borough and Hampshire County Councils as
Master Developer for the 3,500 new home site at Manydown, a planned
exemplar strategic extension to Basingstoke, in Hampshire.
This information is provided by RNS
The company news service from the London Stock Exchange
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