Update on Planning Application (0796Z)
10 March 2012 - 12:33AM
UK Regulatory
TIDMWRN
RNS Number : 0796Z
Worthington Group PLC
09 March 2012
For immediate release 9 March 2012
Worthington Group Plc
("Worthington", "the Company" or "the Group")
Update on Planning Application
On 25 July 2011, we first advised the market that we had
submitted a planning application to Bradford Metropolitan Council
for mixed use development for our Keighley site. We then updated
the market on 1 November 2011 where we reported that we continued
to have many conversations and meetings with the planners, and that
additional information had been requested before the application
could be considered further.
During this most recent stage, it became apparent that during
the process the Council's priorities had changed. Whereas
originally the planning department was against a residential
application - their position had now changed given two external
factors.
Firstly, another application had been submitted which included a
cinema complex in a location that they feel would be more
appropriate for the area and as such would receive preference in
any planning process. Secondly, having reviewed the area in the
light of the requirements to build more houses under government
guidelines, the Council have now indicated that they believe that
our site is the most sustainable in Keighley (being centrally
located, 5 minutes walk from the railway and bus stations and
adjacent to the new college and town centre facilities)and
therefore are now encouraging us to submit an application for an
entirely residential project. Our consultants point out that the
vast majority of the expenditure we have incurred to date with our
previous application is still relevant, valid and required for the
residential development and as such we have not wasted our time or
money with the work that has been undertaken to date. We would also
stress that as our main tenants had given notice to quit and as it
would have been extremely difficult to find replacement tenants
potentially making the company responsible for the rates and
insurance on the property exceeding GBP70,000 per annum our
decision to demolish the buildings, especially as this was achieved
at no cost to the company, was definitely the right thing for us to
do.
We therefore intend over the next couple of weeks to submit an
outline planning application for residential use of between 150 and
200 dwellings.
Whilst we are disappointed that quite a lot of time has elapsed
since we originally began the process we are reassured by our
consultants and other interested parties that this change will
ultimately be a considerable benefit to the company. All of the
actions we have taken to date have been necessary and correct in
view of the position we have found ourselves. We will inform the
market when the revised planning application is submitted.
Enquiries:
Anne Alesbury, PD Cosec Limited, Company Secretary, 020 8940
0963
Roland Cornish, Beaumont Cornish 020 7628 3396
Website: www.worthingtongroupplc.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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