New buyer for residential land development
A New era begins as Alderley Park selects buyer for residential land development
The vision of Alderley Park as a unique and inspiring place to live and work took a major step forward today with the sale of the first tranche of land for residential development at the 400-acre Cheshire site.
Cheadle-based developer PH Homes has acquired 13 acres of land and is planning a £60 million development comprising 74 prestigious family homes, designed by internationally-renowned architect Robert Adam. The consideration was not disclosed.
Bruntwood and Manchester Science Partnerships (MSP), which own Alderley Park, have long maintained that they have people at the centre of their plans. Chris Oglesby, Bruntwood CEO and MSP Chairman, said: “We are so pleased and excited to be making progress and have chosen PH Homes to help us create a distinct 21st century environment where quality of life and quality of work are absolutely paramount. The contrast between the beautiful and peaceful parkland setting and the world class science taking place at Alderley Park is there to be enjoyed. It’s the most attractive residential development site outside of the South East and its wider location is prime Cheshire. Alderley Park also has a particularly attractive sense of place. The landscaping and the quality of the gardens have been lovingly maintained since the 1950s. We understand the site well and are building a community that balances old and new, science and nature, work and play.”
The PH Homes scheme is the first residential phase of the £160 million Masterplan. It will eventually see up to 275 homes, new sports and leisure facilities, including a gastro pub, hotel and farm shop. These projects sit alongside the on-going creation of some 38,000 sq m of state-of-the-art of new space for life sciences in addition to over 100,000 sq m of space for life sciences already in place. The proposals received planning permission from Cheshire East Council in February this year.
Located in the heart of Cheshire, Alderley Park has a rich history that can be traced back to the Domesday Book. The estate became the seat of the renowned Stanley family in the 16th century and grew up around a nine-acre lake, Radnor Mere. Under the fourth Lord Stanley, Alderley Park became a meeting place of people with power. Prime Minister Herbert Asquith stayed every Christmas and Sir Winston Churchill was a frequent visitor. Alderley Park changed hands in the late 1950s. Initially it was a home for ICI Pharmaceuticals before AstraZeneca made Alderley Park their global HQ. MSP acquired the site in 2014 and it has since become a base for over 150 new and early stage businesses.
MSP’s investment programme includes environmental aspects of the park – such as footpaths, ancient woodland and historic parkland, which will have links to the surrounding public footpath and bridleway network through National Trust land around Alderley Edge. These will be opened up to the local community.
The deal is unconditional and is due to complete at the end of September. Construction work on the development is expected to get underway early in the New Year with the first homes available for residents to move in for Christmas 2017.
Philip Hughes, Managing Director of PH Homes, said: “I am thrilled to announce that PH Homes have acquired the first residential phase at Alderley Park. The acquisition will increase PH Homes’ development pipeline to over 150 units with a sales value in excess of £120 million. This will take us closer to our goal of becoming the region’s foremost luxury housebuilder. Alderley Park will become The Place to Live.”
Alderley Park was advised by the Real Estate team at the Manchester office of law firm Addleshaw Goddard. PH Homes was advised by Eversheds Real Estate team.