Wates Developments has sold a 26-acre greenbelt development site in Sunbury, Surrey, to housebuilder Riverdale Developments in partnership with Searls Land and Pyxis.
The site, which has a gross development value of £30m, currently benefits from detailed permission for 38 extra care and 28 close care units, plus outline planning for 98 extra care units and a care home with up to 60 beds.
There is further potential for the site to become a residential-led housing scheme of more than 100 units, subject to achieving the necessary planning consent.
Nick Laugharne, operations director in land and residential investment, in Wates’ land and development division said: “We’re delighted to have completed this sale to Riverdale Developments, who share our commitment to award-winning homes and communities. This sale is a great result for the business and demonstrates once again how we’re able to adapt our strategy to generate a strong outcome for the business. We’d like to thank Riverdale Developments and Pyxis Land for their speed and professionalism in getting this over the line and wish them the best of luck with their application”
Nick Alderman, head of Central London land agency at Knight Frank, which acted for Wates on the deal, added: “It was a pleasure to facilitate the sale of this important site. Recent policy changes designed to ease planning on ‘grey belt’ sites has helped to boost development opportunities. Greater London’s housing delivery is significantly behind target, so it’s great to know our advice and the success of this transaction will make a positive contribution to addressing this shortage. We wish Riverdale Developments every success with their venture and look forward to seeing the development progress.”
