24 Sep 2020 07:00
24 September 2020
U and I Group PLC
Positive planning decision at Kingstanding in Tunbridge Wells
U+I (LSE:UAI), the specialist regeneration developer and investor, today announces positive progress at its £200 million Gross Development Value trading scheme on the outskirts of Tunbridge Wells in Kent. All planning matters have been addressed by the planning committee and the scheme is only subject to the resolution of Highways Mitigation measures and completion of the standard procedural and judicial review process.
The scheme, named Kingstanding, will transform 30 acres of unused land 3.5 miles from the centre of Tunbridge Wells into a thriving new business community that will address the severe shortfall of office and industrial space in the area, whilst also providing local infrastructure improvements. The scheme delivers c.800,000 sq.ft. of flexible warehouse and office accommodation centred around a parkland landscape and a water feature and will accommodate a café and other essential amenities for occupiers.
U+I and the landowner are in detailed discussions with a potential occupier for a significant part of the scheme. The project will deliver some initial land improvement and development profits for U+I in FY2021. U+I expects additional development profits as further phases are developed.
Richard Upton, Chief Development Officer at U+I, commented:
"U+I is now a step closer to unlocking the potential in this unused greenbelt land just outside Tunbridge Wells town centre as a thriving new business destination and community space, with nature and wellbeing at its heart. With demand for office and industrial space far outstripping supply, Kingstanding will attract firms from a range of backgrounds to a workspace inspired by the outdoors and fit for the modern era. It will create over 4,000 new jobs, stimulating significant economic growth."
ENDS
For further information, please contact:
U+I
Nicola Krafft
+44 (0) 20 7828 4777
ir@uandiplc.com
Camarco (Financial PR Adviser)
Geoffrey Pelham-Lane / Tom Huddart
+44 (0)20 3757 4985 / 4991
uandi@camarco.co.uk
About U+I
U+I is a specialist regeneration developer and investor.
With a >£10.8 billion portfolio of complex, mixed-use, community-focused regeneration projects including a £130.6 million investment portfolio, we are unlocking urban sites bristling with potential in the London City Region (within one hour's commute from Central London), Manchester and Dublin. We exist to create long-term socio-economic benefit for the communities in which we work, delivering sustainable returns to our shareholders.
To find out more, visit www.uandiplc.com or follow us @uandiplc