April 11, 2024
Fiera Real Estate (“Fiera”) and Harlex Property (“Harlex”) are pleased to announce the sale of the Residential Land Partnership’s (“RLP”) 7.3 acre Altrincham site for over £12m to Miller Homes.
Fiera acted as property advisor to RLP, a fund managed by Schroders Real Estate (“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. This transaction represents the fund’s fifth sale.
The site was acquired from Wyevale Garden Centres in 2018 for £4.1m and comprises a former garden centre with associated hard standing lying within the ‘Timperley Wedge Strategic Allocation’ in the Places for Everyone (PfE). The site is located close to the town centre, only 8 miles from Manchester city centre and has strong transport links connecting the area to the city centre in less than 15 minutes. Outline planning consent was subsequently obtained in Q2 2023 for 116 new homes.
Chris Button, Head of Investment Management, commented, “We are delighted with the successful conclusion of this project, having identified this brownfield site as suitable for much needed housing in Trafford and bringing it back into economic use whilst also generating attractive returns for our investors.”
James Nicholson, Managing Director, commented, “The completion of the sale of the site to Miller Homes marks a major milestone in the project for Harlex, as the project enters the next phase of delivery. The site was acquired in September 2018 with the vision to create a viable development site for much needed private and affordable homes in Trafford, and it will be a joy to watch the project come to fruition. It was serendipitous that the sale took place at the same time as Greater Manchester formally adopted Places for Everyone, their Strategic Development Plan for the nine authorities in Greater Manchester. We have been inundated with enquiries from people wishing to purchase properties on the site over the years and I am sure that the project will be incredibly successful for Miller and for Trafford in providing much needed, quality homes. Harlex is keen to acquire more sites of this type in the North West.“