20 Mar 2018 07:00
20 March 2018
Urban&Civic plc
Urban&Civic: strategic scale at record speed
Urban&Civic (the "Company") reports that the Resolution to Grant an Outline Planning Application for a new urban extension at St Neots, Huntingdonshire, submitted jointly by the Company and trusts associated with Nuffield College, Oxford was approved by the relevant committee of Huntingdonshire District Council yesterday evening.
The proposed extension, includes, inter alia, up to 2,800 new homes, two new primary schools, health facilities and 63,000 sqm of new employment space. Urban&Civic acquired a 33 per cent interest in the project for an aggregate consideration of £13.3 million in April 2017. Without placing a value on the commercial space, the acquisition consideration represented a cost of £14,285 per residential plot.
The application was submitted on 30th October 2017, meaning determination took place within 20 weeks. Terms have been agreed for the first parcel sale under Urban&Civic's bespoke Master Developer licence model. The target is for first occupations not later than November 2019. Given the substantive change in the status of the project since acquisition, the holding will be revalued in the Company's forthcoming interim results to 31st March 2018.
Commenting on the outcome, Nigel Hugill, CEO of Urban&Civic said;
"Last night's decision demonstrates exactly what can be achieved when a Master Developer and a committed Local Authority work positively together. The application, including almost 3,000 new homes, was determined within 20 weeks. That must be a record. In thirty years of large scale development, I have never known a new strategic application being determined so expeditiously. First plot sales will be under the now established Urban&Civic licence model and are well advanced. We are working towards initial occupations within two years of application submission. The historic average on major residential projects is almost seven years."
For further information, please contact:
Urban&Civic plc 020 7509 5555
Nigel Hugill /David Wood
FTI Consulting 020 3727 1000
Giles Barrie / Dido Laurimore
urban&civic@fticonsulting.com
About Urban&Civic plc
Urban&Civic plc is an established UK property development and investment company listed on the London Stock Exchange's main market (UANC), with total assets valued at over £550 million (30 September 2017). Headquartered in London and with a network of regional offices, Urban&Civic's team is led by Nigel Hugill, CEO, and Robin Butler, Managing Director. The Company has significant in-house expertise across site assembly, planning, project management, delivery, community engagement and sales.
Strategic land constitutes the core of Urban&Civic's business model where, as Master Developer, it owns or has the stewardship of over 5,500 acres across seven sites in or close to Cambridge, Calvert, Corby, Huntingdon, Newark, Rugby and St. Neots. These sites will deliver approximately 34,500 new homes, in excess of seven million square feet of business space and at least fourteen primary and six secondary schools over the next approximately 15 years.
In addition and together with the Wellcome Trust, Urban&Civic has recently been selected to partner with Basingstoke and Deane Borough and Hampshire County Councils as Master Developer for the 3,500 new home site at Manydown, a planned exemplar strategic extension to Basingstoke, in Hampshire.