Sale of Prime Development Site on London Road, Wellingborough
Cordatus Real Estate acting on behalf of Fixed Charge Receivers, PWC, has advised on the sale of a prominent site on London Road, Wellingborough.
The prime gateway development site located on London Road, on the edge of town centre, comprises a brownfield site extending to approximately 3.37 acres (1.367 hectares). A former bakery, the site had been cleared of its buildings and planning consent and had been achieved for bulky goods retail warehousing.
The site was openly marketed and following strong interest, a closing date was set. Subsequently the site was sold to a well-known UK developer, specialising in the regeneration of brownfield and urban environments, at a price 60% ahead of the original business plan exit target.
Andrew Murray, Asset Manager, commented – “The site’s potential, given its location, was clear to see from the strong interest received and we were delighted by the price achieved for this asset”.