TIDMUANC
RNS Number : 0707C
Urban&Civic plc
27 September 2018
27 September 2018
Urban&Civic plc (the "Company")
Trading update including the sale of Gallagher Leisure Park,
Bradford
Highlights:
-- Sale of Gallagher Leisure Park, Bradford for GBP18 million, a purchaser's yield of 6.2%
-- Good progress towards determination of Waterbeach planning application
-- DfT's preferred corridor for the new Oxford to Cambridge
Expressway, supports Company's pursuit for a conurbation of
national significance at Calvert
-- 1,650 plots comprising contracts completed on five parcels
over the summer with agreement reached over a further four
parcels
Gallagher Leisure Park:
Urban&Civic announces completion of the sale of Gallagher
Leisure Park, Bradford, for a net consideration of GBP18 million,
or a purchaser's yield of 6.2 per cent. The sale is expected to
give rise to a profit over 30 September 2017 book value in excess
of GBP1 million to be included in the forthcoming audited full year
accounts. Proceeds of the sale, after repayment of project bank
debt, amount to GBP12 million and will be reinvested in the Group's
strategic portfolio where significant progress continues to be
made.
Waterbeach and Calvert:
South Cambridgeshire District Council received recent
confirmation that the Government Inspectors had found the proposed
Local Plan to be sound. This paves the way for determination of the
6,500 unit application at Waterbeach, Cambridge, submitted jointly
by the Secretary of State for Defence and Urban&Civic in
February 2017. Moreover, the Department for Transport reported two
weeks ago the preferred corridor for the new Oxford to Cambridge
Expressway as running alongside the planned route of East West Rail
to "revolutionise east-west connectivity" and unlock the
development of new homes in a key high growth area. Urban&Civic
has interests or working arrangements across 2,500 acres at
Calvert, Buckinghamshire, at the centre of the proposed routing and
at the point of crossing with HS2 between Birmingham and London.
Calvert was identified by the National Infrastructure Commission as
the best location west of Milton Keynes for a major new settlement
within that corridor. The routing decision enables Urban&Civic
to pursue a conurbation of national significance.
Serviced land parcels:
Recent experience also demonstrates the growing attraction of
the Master Developer model to housebuilding customers.
Urban&Civic provides infrastructured plots in well connected
areas in the broader South East of England. Most often the sale of
those plots is via a percentage participation on sale of completed
houses, subject to minimum annual payments from housebuilders. Five
new contracts were signed over the summer and agreement has been
reached over four further parcels, including an initial two at
Wintringham, St Neots, Huntingdonshire, for which Resolution to
Grant was secured in 20 weeks in March 2018. The target remains for
first household occupations at Wintringham before the end of next
year.
The aggregate number of plots under the nine parcels totals
1,650, including 334 at Europa Way, Warwick, where Urban&Civic
subsidiary Catesby was able to adopt the same serviced land model
having invested in primary infrastructure on a 735 unit site in an
area of good local demand. The ability to infrastructure projects
below strategic scale is expected to competitively advantage
Catesby relative to conventional land promoters.
The extent of the appetite is such that seven of the described
agreements are with existing housebuilder customers, with two new
additions. In all cases, terms are above previous budget. On
completion of the outstanding agreements and not including Warwick,
the Group will have approximately 2,850 plots under licence or
deferred sale, representing 14 per cent of currently consented
strategic holdings. Taking the minimum drawdown under those
contracts, this equates to an average of 4 years 7 months forward
sold.
The Company will announce its full year results for the period
to 30 September 2018 on Thursday 29 November 2018.
For further information, please contact:
Urban&Civic plc 020 7509 5555
Nigel Hugill /David Wood
FTI Consulting 020 3727 1000
Giles Barrie / Dido Laurimore / Ellie Sweeney
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 GBP580 million (31
March 2018). 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 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.
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END
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