Grantham
Phase 2 was developed under a JV Agreement between HSL Property Ltd and M J Gleeson Plc. Three sites were acquired with investment income and options to obtain vacant possession were negotiated. At the same time planning consent was obtained for a 2 unit retail warehouse scheme and prelets negotiated with Topps Tiles and Dreams.
Architect – David Coles and Associates
Agent – Edgerley Simpson Howe
Bletchley
2 Leisure units acquired through the Gleeson JV. The units were income producing and yielded 8% on cost. Short term leases enabled vacant possession to be taken on 6 month notice and the site was sold to the MK DONS conditional on planning consent being forthcoming for the new stadium plus enabling retail development. The site plus other land was subsequently sold to IKEA
Leicester
An 8.5 acre site was purchased in 2005 under the JV arrangement with M J Gleeson. Planning consent was negotiated for a mix of Car Dealership Retail Hotel Creche Pub and Industrial uses. Infrastucture was constructed at Gleesons expense and all sites then sold individually either to owner occupiers (Porsche Car Dealership) or developers. Completed June 2008.
Project Cost – £3.8 million
Architect – Marc Worrall and Associates
Agent – Edgerley Simpson Howe and Alfred Bartlett
Redditch
A 3 acre site acquired through a new company HSL ROADSIDE LTD for a development sheme managed by HSL PROPERTY LTD and Ken Hancock. The site had no consent and no highway access from a main road but was prominently located fronting a roundabout. Planning consent was negotiated for a Trade Park including 33% retail space for a limited range of goods and this was subsequently improved by a condition allowing for no segregation between the retail and distribution/storage areas on certain units. Highway consent was established for a new access from the existing roundabout and the site was developed in 4 phases. A successful appeal on phase 3 resulted in a widened Bulky Goods consent enabling Dreams to take an 8000 sq ft unit. Occupiers on the 10 unit scheme include Dreams Plc Greggs Topps Tiles Carpetright Bathstore.com Floormyhome and Formula One Autocentres. All 10 units are occupied and producing in excess of £450,000 per annum.
The entire investment was sold in March 2011 and a profit realised for the shareholders.