August 3, 2021
Fiera Real Estate and Danescroft are pleased to announce the sale of their Residential Land Partnership’s (“RLP”) 5-acre site adjacent to Shopwhyke Road in Chichester to Bellway Homes for £6.55m.
Following the unconditional purchase of the brownfield site in 2019, planning consent was obtained by Danescroft for 88 residential units. Previously comprising redundant office/industrial space and hard standing, the grant of consent and onward sale will bring forward more much needed housing in this sought after location.
Chris Button, Fund Manager at Fiera Real Estate commented; “On behalf of our investors we are delighted to complete the sale of this prime site in Chichester. We have significant resources to acquire similar sites on an unconditional basis to help address the undersupply of housing throughout the UK.”
Danescroft’s Chief Exec. Dominic Fryer, commented; “The timely sale of this brownfield site ably demonstrates Danescroft’s reputation for acquiring complex sites on a straightforward and unconditional basis and achieving optimal planning consents. The sites onward sale to Bellway Homes will enable the early delivery of new private and affordable housing on this previously developed and redundant land.”
This transaction represents the fund’s third sale for Fiera Real Estate, Schroders and Danescroft, with sales from RLP now totalling c.£30 milllion since February 2020.
Fiera Real Estate acted as property advisor to RLP, a £70million fund managed by Schroders. RLP was launched in October 2017 to help address the significant undersupply of housing across the UK whilst generating strong returns to investors through the acquisition and transformation of sites for residential development.