This week we announced the sale of a major brownfield development site in central Hove, which comprises the former Westerman Industrial Works Complex in School Road, Hove.
The entire site, which extends to 1.58acres and previously accommodated just over 50,000 sq.ft. of redundant 1950’s workshops, has been sold by Cross Stone Securities to the Hyde Housing Group.
New affordable home ownership opportunities
Last year the site was granted consent for a comprehensive redevelopment comprising a total of 101 homes, including 21 houses and 83 Apartments. In addition, there will be 6,150sqft of grade A office space which is to be retained by Cross Stone for letting in the open market to local small and medium-sized businesses. Acting upon behalf of the vendors Cross Stone, Oakley have concluded the sale to Hyde New Homes at a land price of just over £7m.
The redevelopment includes a planning policy compliant 40% affordable housing provision of 41 units, which provide a much-needed resource for the city together with a range of 1, 2 & 3 bed houses and apartments for private sale.
Regenerating the city in a positive way
Our Executive Chairman Chris Oakley says ‘The sale of the site will continue the recent renaissance of this area following other regeneration projects in nearby Kingsthorpe Road and the former Gala Bingo Hall site, so it’s great to see an area of the city regenerating in such a positive way and providing both much-needed housing and employment space’.
Chris Oakley added ‘I understand that Hyde are now currently dealing with a Reserved Matters planning application, which once completed will mean that development should start quickly next year. I am sure this will be another very successful Hyde housing scheme for the city and certainly, all of the schemes they have undertaken in recent years have been very high quality and played a significant role in improving the built environment’.
We are currently working on a number of other similar large land transactions across the city and further announcements will follow.