FHP and FHP Living Land & New Homes have completed the sale of a 2.35 acre site at Beechdale Road in Aspley that had Planning Consent for 36 houses, but which was previously an industrial and storage site occupied as a Depot by Dunn-Line.   

The site was sold on behalf of Mabec Developments Limited to Oakdale Properties Limited.

David Hargreaves confirmed that a price of £650,000 was achieved which equates to 18,000 per plot.  He went on to say there had been a definite improvement in demand for residential development sites over the past 12 months, with 5 residential development sites recently having been put “under offer” by the Land and New Homes Team.

FHP and FHP Living Land & New Homes represented the vendor throughout the transaction.

FHP, acting on behalf of private clients, have sold the former Old Greyhound Public House in Aslockton for residential development.

The site, which totaled 0.662 acres, attracted considerable interest and was sold on an “unconditional basis” for a price in excess of £300,000. 

David Hargreaves commented: “We have a number of small residential sites for sale and have seen a significant increase in interest in these opportunities over the past 12 months as Bank funding becomes a little easier and confidence starts to return to the housing market.  We have just brought 2 further sites to the market, 1 in Long Eaton for 9 houses and the other in Worksop for 19 houses, which again have generated early interest.”

FHP acting on behalf of Skelton Developments Ltd have completed the sale of a residential site in Carrington, Nottingham to Ideal Care Homes for a new care home.

The site is located close to a Lidl supermarket at the junctions of Hucknall Road and Mansfield Road.  It comprises 0.83 acres and has been sold for £457,500.

Ideal Care Homes are part of the LNT Group of Companies who have developed over 60 care homes throughout the country.  Ideal Care Homes have obtained a planning consent for the construction of a 64 bed care home and have now started construction work on site.

David Hargreaves of FHP, who dealt with the sale, commented:-

“Ideal Care Homes have been active in the market over the past few years and have benefited from the decline in the residential market enabling them to bid competitively for sites that were previously unviable.”

Nick Broadbent, Acquisitions Director at Ideal Care Homes commented:-

“Carrington is the latest acquisition within Nottinghamshire following sites acquired in Mansfield, Sutton in Ashfield, Arnold and St Anns.  We have active requirements for further sites throughout Nottinghamshire, Derbyshire, Leicestershire and Lincolnshire.”

Godwin Developments LLP has purchased a 4.3 acre residential development site in Alexandra Park in Nottingham, in a deal secured by FHP Living, acting on behalf of Hazelton Homes.

The prime residential development site in an established and sought after location on the fringe of the city and Hazelton Homes secured a detailed planning consent for an exclusive and contemporary scheme comprising 15 luxury four and five bedroom homes. 

Guy Phoenix of GuyPhoenix.Com is Godwin’s joint venture development partner and will be managing the build programme.  Stephen Pratt director of Godwin Developments said: “Guy’s expertise in the elite homes market will ensure that this is an exceptional and stunning development of superior quality and finish.  In fact, having started on site at the beginning of October, the development already has strong interest from a number of parties and the agents are formulating a waiting list.”       

Alexandra Park is synonymous with Edwardian and Victorian properties, however the development will offer the market something very different in the form of modern and stylish elegant detached homes situated within a mature and secluded landscaped environment, with its own ecological nature reserve. 

Ann Taylor associate director at FHP Living said: “It is a complicated site due to the geography of the area which although challenging, also enhances the attractiveness of the proposed development.  The team at Godwin Developments and Guy Phoenix both undertook a significant amount of due diligence and were able to complete on a strong offer within a short timeframe.  Everyone involved in this transaction is excited by the prospect of this niche development and the new partnership forged between Godwin and Guy.”

Stephen Pratt added: “We had identified this as a development which would require real expertise to develop but the end results would be very rewarding, both in terms of the final development’s quality and design.  We are already on site and making great progress, with the show home plus two five bedroom houses available for release in February 2013.” 

Tom Hazelton Director of Hazleton Homes commented: “We are very happy with the way this sale progressed and will wait with equal anticipation and excitement to see how this development unfolds.”   

The development is strictly by appointment only so for further information please contact Ann Taylor.

FHP Living Land & New Homes, acting on behalf of private clients, have sold a 10 acre site at Cavendish Park, Kings Clipstone in North Notts to Taylor Wimpey.

The site, which is the fifth phase of the development, first started in 2005.

The 10 acre site has Planning Consent for 221 houses.

Taylor Wimpey are likely to start on site in 2012.

FHP Living Land & New Homes acted on behalf of the land owner and achieved a price of £4.7 million.

FHP Living Land & New Homes have acquired the former Becket School on Ruddington Lane from clients of Lambert Smith Hampton.

The site of 8.84 acres which was introduced by David Hargreaves to Taylor Wimpey has been acquired with the benefit of a Planning Consent for 121 houses, of which 21 are to be sold on to a housing association.

The Becket School have relocated to a purpose built facility on Wilford Lane and was sold by Nottinghamshire County Council and the Nottingham Catholic Diocese Trustees.

David Hargreaves of FHP said:-

“We have worked closely with Sean Bremner and his clients over the past 18 months to deliver this scheme for Taylor Wimpey.  

From our knowledge derived from our residential sales office (FHP Living) in West Bridgford we know that there is substantial demand for additional housing in this area, primarily due to the quality of schools and the retail, bar and restaurant facilities in and around Central Avenue, West Bridgford.   

I have no doubt that the homes will sell extremely quickly.”

Colin Williams, Land and Planning Director for Taylor Wimpey East Midlands, said:

“We are delighted to have completed the acquisition of this site and look forward to commencing work on our exciting new Ruddington Place development.

“This high-quality collection of 121 family homes has been designed following close consultation with local councillors, residents and planning officers, and follows the recent successful opening of our Lime Tree Gardens development of 147 new homes in Mapperley.”

The price paid was £791,000 per acre for the 8.84 acre site.

FHP Living have been instructed by Taylor Wimpey to provide help and advice in the sale of the houses through their West Bridgford Sales Office.

The extensive property is constructed around a central courtyard and comprises a 3 storey Georgian House, a corner cottage and to the rear of the site, 3 storey maltings with stables and garage. In all the property extends to a gross internal area of 11278 ft².

Fronting Northgate there is a former ground floor retail shop with a flat above. There is a lapsed planning consent for conversion of the former maltings to 4 dwellings. The property is Grade II listed.

The property was sold to Oak Tree Homes Limited for close to the asking price of £175,000. The purchaser intends to split the unit up into a number of flats for market lets subject to planning.

For further information please contact Stephen Gillott at FHP on: 0115 841 1133.

FHP Property Consultants, acting on behalf of Vendside Limited, the Pension Fund for the National Union of Democratic Miners, have completed the sale of a site of 1.233 acres at Oakdale Road in Carlton, Nottingham with Planning Permission for 16 family houses.

Nick Trow of the Residential Land team at FHP said:

“We were delighted with the amount of interest in this small residential site, particularly as a result of the well documented difficulties of the residential housing market.

We received 6 offers for the site and eventually sold it after “best bids” to Langley Homes of Retford.”

The price achieved of £600,000 breaks back to £486,000 per acre or £30,000 per plot.

David Hargreaves said:  “In the past 12 months we have seen a gradual rebirth of the residential land market, particularly for “oven ready sites” with Planning Permission suitable for an early start for construction.  Values being achieved, however, are some 30% – 40% off those land values achieved at the peak of the market back in 2006/2007.”

Dave McGarry of Vendside said: “FHP did a great job in selling the site, achieving a price in excess of our aspirations and managed to achieve a sale with the benefit of the existing Planning Consent rather than on a “subject to planning” basis.”

Nick Trow commented that FHP were marketing a number of residential development sites including a plot in Oakham, a site of 1.4 acres at Hucknall with Planning Permission for 23 houses, a 5.5 acre site at Clifton, a 2.3 acre site in Aspley, a 10 acre site at Kings Clipstone, a 1 acre site in Stoke On Trent and a 2.25 acre site at Hucknall Road, Nottingham.

Fisher Hargreaves Proctor (FHP) acting as Joint Agent alongside Sanderson Weatherall (Leeds Office), are pleased to confirm that they have sold a part-completed block of apartments on Civic Way, Swadlincote.  The property, which will provide 24 no. 2 bedroom apartments together with secure off-street parking, has been purchased by The Duncan Group.

Adam Wilson of Fisher Hargreaves Proctor commented:-

“When this property was first brought to market in March 2010 it attracted a considerable amount of interest.  There were a number of bids on the property, however I am pleased that The Duncan Group have purchased the site as I know that they will finish the development quickly and to a high standard”. 

“This scheme will complement other recent developments on Civic Way, such as the new purpose-built Health Centre, and other on-going developments such as the 30,000ft² extension at the nearby Sainsbury’s supermarket, which is targeted for completion next month”.

John Cotton, Director of The Duncan Group said:
 

‘We are very pleased to have successfully completed the purchase of the property, which will provide 24 no. 2 bedroom apartments both for sale and to let within Swadlincote town centre. The development will retain the name of Russell Aston Court in honour of the local soldier killed in Iraq and will be completed to a high specification by this September. This will be our second investment into an apartment scheme within Swadlincote, and is very close to both the existing and planned town centre shopping and leisure facilities.

For advice on similar opportunities, please contact Adam Wilson at FHP’s Derby Office on 01332 343 222.

 Fisher Hargreaves Proctor have been instructed to act as joint agents with Sanderson Weatherall of Leeds to sell the freehold interest in Russell Aston Court, Swadlincote.

Russell Aston Court comprises a substantially completed development of 24 no. 2/3 bedroom apartments spread over 3/4 storeys with excellent on-site parking.

The development is prominently located on Civic Way, directly opposite the South Derbyshire District Council’s offices and in very close proximity to the new Health Centre, Green Bank Leisure Centre, Bus Station and Ski/Snow Board Centre. 

Adam Wilson of Fisher Hargreaves Proctor commented:-

“We are absolutely delighted to be bringing this property to the market.  It offers local developers an opportunity to complete a high quality building and then bring 24 spacious apartments to the market.  There is a healthy demand at present for good quality dwellings on a rental basis in Swadlincote, and we would anticipate gross rental income in excess of £130,000 per annum”.

“This scheme will complement other recent developments on Civic Way, such as the new purpose-built Health Centre, and other on-going developments such as the 30,000ft² extension at the nearby Sainsbury’s supermarket, which is targeted for completion in August 2010”.

For further information please contact either Adam Wilson at Fisher Hargreaves Proctor on 01332 343222 or Mark Swiers at Sanderson Weatherall on 01132 216000.

Given the seemingly relentless negative commentary within the media it would seem reasonable to assume that the residential market has all but collapsed.  Whilst there is undoubtedly truth in part of this statement, has the market collapsed totally?

FHP’s recent experience in the marketing of 2 no. residential sites would suggest that a market still exists for residential development sites, albeit far more cautious to reflect the uncertainties that currently prevail.  By way of example, a 1.7 acre site on Woodborough Road, Mapperley Park, Nottingham was marketed in June 2008.  Whilst a planning brief existed there was no implementable consent, and as such offers were invited on a subject to planning basis.  In total, 6 offers were received.  Reflecting current market conditions, these were slightly below anticipated levels (circa 5-10%), and more significantly the levels of due diligence undertaken and the format of offers varied more widely than hoped.  By way of example, unconditional offers at a reduced financial level were received, together with offers based upon a percentage of Gross Development Value (payable on the sale of completed houses).

Additionally, FHP marketed a 3.6 acre site in Syston in Leicestershire in early July 2008.  Again, whilst the site had a good prognosis for residential development, no consent currently existed.  Accordingly, offers were invited on a subject to planning basis.  Eight offers were received, all in the format requested and at a financial level in line with that anticipated (circa £1,000,000 per acre).

Whilst there is no doubt that the value of residential land has fallen over the past 12-18 months, our experience shows that a market of reasonable depth still exists for good quality residential land.  The marketing of these sites demonstrates that competition still exist between developers, however they are being far more choosy as to which sites they wish to acquire.  As you would expect, there has been a strong backlash against apartment schemes due to low sales levels within this sub-sector.  Whilst the reduction in land values is partly a subjective response to issues of market confidence, this is underpinned by harsh market experience of sales rates and the discounts required to achieve them.  By way of example, it has become routine (particularly in respect of apartment stock) for house builders to offer discounts of between 15 and 20%.  Indeed, there are examples of housing associations acquiring new build houses at discounts of up to 30%.

Should you require any further information in respect of residential or other market sectors, in connection with the consideration of both existing and proposed loan security, please do not hesitate to contact Stuart Horne on 0115 8411149.

Fisher Hargreaves Proctor, acting on behalf of a private syndicate, have acquired a 4 acre site on Rugby Road in Hinckley from H Flude & Co (Hinckley) Limited

The site has been marketed by GVA Grimley Limited. FHP negotiated a 3 month option agreement and the site was subsequently purchased on an unconditional basis at a price substantially  below the asking price.

David Hargreaves confirmed that a planning application would be submitted in due course for a mixed use scheme that may include family housing, apartments, a hotel, offices and business space. 

FHP represented the purchaser throughout the negotiations, with GVA Grimley acting on behalf of the vendor.

For further details contact David Hargreaves (davidh@fhp.co.uk).

Fisher Hargreaves Proctor acting on behalf of Permalink Limited have completed the sale of One Maiden Lane, The Lace Market, Nottingham.

The site, which has planning consent for the development of 41 apartments, together with 36 car parking spaces, has been sold to Chek Whyte Industries Limited in conjunction with Walker & Sons Limited.

The price agreed was £1,000,000.

David Hargreaves, who handled the sale at FHP, commented: “Our clients, together with Maber Associates, had secured planning consent for a quality residential development in the Lace Market, but unfortunately 2 previous sales had collapsed.

The site was offered by FHP to a select number of developers on the basis of a speedy completion, which resulted in a sale to Chek Whyte Industries within 3 weeks of lawyers being instructed.

Massers acted on behalf of Permalink and Browne Jacobson acted on behalf of Chek Whyte Industries.

Lincoln Austin of Permalink commented: “We were impressed with FHP’s knowledge of the marketplace and in particular David Hargreaves’ practical approach to the sale of One Maiden Lane. We doubt if any other local or national agent could have secured a buyer in such a short timescale.”

It is understood that Chek Whyte Industries Limited are considering the development of this site for offices and an aparthotel, as well as apartments.

FHP has sold a 4.6 acre, former industrial site on Mill Lane, Huthwaite to Persimmon Homes North Midlands.  The site benefited from an outline planning consent and an unconditional sale was agreed at £3.925m, equating to £870,000 per acre.

Stuart Horne of Fisher Hargreaves Proctor commented:-

“It was a pleasure to assist Huthwaite Property Ltd with the disposal of this site, which they had been wishing to sell for some time, which proceeded extremely smoothly.”

Acting on behalf of a private developer client, FHP are delighted to advise that the disposal of this scheme, comprising 16 apartments and 2 town houses, has been concluded to Property for Life.  The sale price of £1.8m equates to £92,000 per apartment and £167,000 per town house, reflecting the part tenanted nature of the property.

Stuart Horne of Fisher Hargreaves Proctor commented:-

“This was a particularly gratifying deal to be involved in with FHP advising over a 2 year period, from initial appraisal of the site through to the disposal of the completed dwellings.”

Acting on behalf of private owners, FHP have sold a 0.2 acre site on Redcliffe Road, Mapperley Park in Nottingham.  The site represented a rare opportunity for a self builder or small local developer to acquire a good size plot with its own access within the well regard Mapperley Park Conservation Area.

The sale was on an unconditional basis, with existing planning consent in place for a single house.  The sale price of £227,500 equates to £1.1m per acre.

The purchaser, Darryl Rockett, intends to implement the existing planning consent creating a “Grand Design” detached four bedroom house.

Grantham based developer Steve Brown has acquired 5a Brightmoor Street in Hockley from Pelforth Developments Ltd represented by Stuart Horne of Fisher Hargreaves Proctor, Midlands Property Advisors of the Year.

The property comprises former commercial premises, benefiting from a detailed planning consent for 11 apartments.  The sale was concluded at a figure close to the £450,000 asking price, reflecting the lack of on site car parking.

Stuart Horne of Fisher Hargreaves Proctor commented:-

“We are pleased to have agreed the sale of this property at a figure close to £40,000 per plot, and look forward to seeing works commence on site in the near future.”

Derwent Living have recently completed the sale of 20 houses at Towles Mill and Bridgeland Road, located close to Loughborough Railway Station.  The houses provide a total of 114 non en-suite bedrooms and Stuart Horne at Fisher Hargreaves Proctor was delighted to achieve £28,000 per bedroom on behalf of the Vendor.

Midlands Property Advisor of the Year, Fisher Hargreaves Proctor, commenced marketing of the property in late 2006, with terms being agreed prior to the year end subject to a delayed completion.

Towles Mill represented a conversion of a textiles mill, whilst the Bridgeland Road element comprised 5 no. new build houses.

Stuart Horne of Fisher Hargreaves Proctor commented:-

“In a market where much of the demand for student accommodation is focused on en-suited bedrooms closer to Loughborough University, I was delighted to be able to secure a good price for my client.  Through our detailed knowledge of the market and full promotion of this opportunity, we were able to generate significant interest.”

Midlands Property Advisor of the Year, Fisher Hargreaves Proctor (FHP) have been appointed to market a mixed use retail and residential development site within Nottingham’s Eastside Regeneration Area.

The site, which fronts Lower Parliament Street, is adjacent to the hugely successful BioCity, the head office for East Midlands Development Agency (emda) and the £900 million development project known as EastsideCity.

The site, which has been marketed at “offers over £2 million” has planning consent for 40 car parking spaces, four ground floor retail units totalling 6,385ft² and 42 two bed apartments over five floors.

Commenting on this investment opportunity, FHP partner David Hargreaves, said: “This is an exciting development opportunity in one of Nottingham’s major growth areas. This site will be one of the first areas of Nottingham’s Eastside Regeneration Zone to be redeveloped.”

Adjacent to the site are two additional pieces of land which could also be acquired to create an island development opportunity which could provide for up to 130,000ft² of accommodation, subject to planning.

Stuart Horne of FHP, said: “Over the past few years we have seen heavy investment in mixed used developments in the city, including the likes of Waterfront Plaza which is close to this site, One Fletchergate and The Glasshouse on Huntingdon Street. Mixed use development is the way forward and we expect significant interest in the site from residential developers, but also those looking at the larger opportunity of combining two sites.”

David Hargreaves added: “If all three sites are put together, the location is appropriate for not only residential, but also offices, a hotel, educational use and student accommodation.”

For further information please call David Hargreaves or Stuart Horne on 0115 950 7577 or visit www.fhp.co.uk

ends

For further information please contact Catherine Keep at Willoughby PR on 0115 924 7132/ 07791 027 070 or email catherinek@willoughby-pr.co.uk

Notes to editors

Fisher Hargreaves Proctor was established in 1990 and is now one of the leading firms of property consultants in the Midlands.   Fisher Hargreaves Proctor was ranked number 59 in the Estates Gazette Top UK Agents table and holds the title of Midlands Property Advisor of the Year.

The company operates from offices in Nottingham, Derby and Newark and specialises in development, agency, investment and professional services work across the retail, leisure, office, industrial, warehouse and residential sectors.  The three Partners of the firm are John Proctor, David Hargreaves and Andrew Chapman.

Residential sales specialists and regeneration consultancy, FHP City Living, has reported its best trading year to date for 2006.  The Resales Team have sold 90 houses and apartments in The Park Estate, Mapperley Park and the City at a total value of £19 million, with an average price achieved of £211,000.

The New Developments Team were responsible for the sale of 104 apartments and houses during 2006, with developments including Waterfront Plaza next to Jury’s Hotel, and the Shared Ownership schemes at Gamston and New Basford which have now sold out.

The most sought after resales properties in The City continue to be two bedroom apartments with en suite and parking and, with the additional space of the extra bedroom, the flexibility to work from home for many professionals.  Also, one bedroom apartments that can provide an outdoor space, terrace and/or parking score highly with buyers.

Board counts in The Park Estate and Mapperley Park* confirmed FHP City Living as the dominant agent in these two prestigious areas of Nottingham, with 58% of properties for sale in The Park and 30% of properties for sale in Mapperley Park available through FHP City Living.

Managing Director, David Hargreaves, commented “At the beginning of 2006 we decided to specialise in 3 distinct areas, namely The Park, Mapperley Park and the City Centre and create dedicated teams to service both the seller and buyer in these areas.   This strategy has paid off with our market leading position now well established and a significant amount of stock available for buyers for 2007.  We have also seen a major increase in the number of instructions received for us to sell houses as opposed to just apartments in The Park and Mapperley Park.” 

FHP City Living currently have 45 houses and apartments with a value in excess of £14 million available in The Park Estate and its borders ranging from a one bedroom apartment at £127,950 to a modern, family home at £595,000;

In Mapperley Park FHP City Living have 33 properties for sale with a value in excess of £10 million, again ranging from a one bedroom apartment at £89,950 to a newly built 4 bedroom detached house currently on the market for £625,000.

In the City Centre FHP City Living have 99 properties for sale with a value of £16 million, ranging from a one bedroom at £99,950 to a two bedroom, top floor location with terrace at £215,000.

Hargreaves went on to say: “We were particularly pleased to achieve prices averaging 95% of the quoting price across the board in what was still a relatively difficult market in 2006.”

David Hargreaves added “due to the significant growth and our position as market leader, we have had to employ additional expertise.”  Steve Parker has been recruited to work alongside Neil Sutcliffe handling sales in and around Mapperley Park.  Neil also teams up with Nina Danylevch in the City whilst Jason Cook and Vicky Maule-ffinch handle sales in The Park Estate and its borders. 

Kirsty McGowan, a graphic designer, has also been added to the team to develop our marketing effort, whilst a long term agreement has been entered into with Niche Design for them to produce 7 professional photographs and a full set of scale plans for all properties we are instructed to sell in The Park, Mapperley Park and The City Centre.

Branch Manager, Jason Cook, commented “no other agent is offering what FHP City Living offer – a dedicated team of specialists for each of the 3 areas – The Park, Mapperley Park and The City Centre and that, in my opinion, gives us a significant advantage over the competition and provides added value to our clients.”

Hargreaves went on to say “2007 will see the FHP City Living office at Weekday Cross in the Lace Market expanded to incorporate the first floor of the former Stones Deli and Restaurant, FHP Private Finance launched to provide financial services to its clients and purchasers and a possible entry into the West Bridgford market.”

Acting on behalf of the Charnwood Borough Council FHP have sold The Grange at Rothley to Loughborough-based developers William Davis. 

The 19^th Century landmark property sits in the heart of Rothley in Leicestershire. 

William Davis are retaining the majority of the original buildings and complimenting the refurbishment with new 3 storey residential apartments. 

A feature of the property is that it is set in approximately 3 acres of grounds with mature trees. 

Final bids in the region of £5 million are expected for the Dunkirk Fire Station and lands which will be sold for redevelopment due to the proposed move of Nottinghamshire Fire and Rescue Service to a new site in Beeston.  Midlands Property Advisor of the Year, Fisher Hargreaves Proctor (FHP) and joint agents HEB chartered surveyors have received more than 100 enquiries for the site which is ideally suited for residential or student development.

The 1.5 acre site is opposite the Queens Medical Centre presenting a prime location for affordable, key worker housing. The site is also ideal for student accommodation being adjacent to the main Nottingham University campus.

David Hargreaves, partner at FHP, said: “The intense competition for this site is largely due to its great potential to serve the 6,000 staff at the Queens Medical Centre. It is also close to the University campus with its significant student population.  We are seeking best bids by 5:00pm on Thursday 26^th October.”

Jonathan Bishop, of HEB chartered surveyors, said: “The Dunkirk site will be released once the new Beeston Fire Station has been completed in early 2008. Proceeds from the sale of the former fire station will go towards the base in Beeston which will provide for up to 90 members of staff.  The new station has already been granted planning consent and community consultation has been undertaken to decide on the community facilities that will be incorporated in the new building.”