Acting on behalf of Glyndwr University, Legat Owen has completed two land sales for residential development in Wrexham for over £9million.
A 7-acre site, situated adjacent to the main university campus and in close proximity to the Plas Coch Retail Park, has been sold to Edwards Homes for a price in excess of £3million.
Legat Owen introduced the site, which had outline planning permission for up to 410 apartments to the market in July 2019. Following an extensive marketing campaign, the University agreed a subject to planning offer from Edwards Homes which allowed for the change of the planning consent from 410 apartments to 90 traditional homes which includes a 25% affordable provision.
Speaking about the deal, Ben Lamont, Associate Director at Legat Owen, commented:
Whilst the outline planning consent was for apartments, it was clear that the site lent itself to traditional housing. The University, Wrexham Borough Council and Edwards Homes have successfully collaborated to provide a mix of family and starter homes in this highly sustainable edge of town-centre location.
In a separate transaction, Legat Owen completed the disposal of a 11.8-acre site on Gatewen Road in the village of New Broughton, to Bellway Homes North West for over £6million. The site benefited from outline planning consent for up to 112 homes which included a 25% affordable provision.
Ben continued:
We generated a significant amount of interest from a range of house builders in this site. Strong bidding appetite demonstrated the continued demand for high quality housing sites in and around Wrexham.
Lynda Powell, Executive Director of Operations at Wrexham Glyndwr University, commented:
Over the past three years, the University has already invested over £20m to improve the facilities and learning environment for our students. The sale of these land assets, which were surplus to our requirements, provides us with significant capital receipts which will be reinvested into our University campuses across North East Wales as part of our Campus 2025 strategy.
Both purchasers were unrepresented.
