Maidstone, Residential-Led Mixed Use Scheme
- In Q2 2013 we acquired a derelict 5 acre site in Maidstone Town Centre in a joint venture with the William Pears Group.
- The property had been in administration since 2009 and we acquired it from Deloitte who advised Lloyds Banking Group.
- This high profile site had been vacant for over a decade and had an extant planning consent for 185,000 sq ft of offices and 192 residential units.
- We submitted a revised residential planning application in close consultation with the local authority, and ultimately sold the site in Q4 2015 to U+I plc for a mixed private and PRS residential scheme.
- The project showed an unlevered 25% IRR and a 1.9x equity multiple.