GVA announces that it has successfully agreed the sale of 907 acres of consented freehold land at Priors Hall Park in Northamptonshire, on behalf of the Joint Administrators.
Having first fallen into administration in October 2016, GVA was appointed to market Priors Hall in February 2017. Following an extensive marketing process, the site has now been acquired by Urban&Civic, an LSE-listed UK property development and investment company that specialises in residential regeneration, with total assets valued at over £460 million (31 March 2017).
Mark Birks, Senior Director at GVA said: “We were very pleased that GVA could lead the freehold sale of this strategically important development site. Having agreed the sale less than a year after the site came into administration this acquisition has created certainty for the house builders operating at Priors Hall Park as well as its existing residents. We were instructed by the Joint Administrators to organise a sale of the land that would not only reflect the value inherent in the site, but could also unlock its potential as one of the largest residential development sites in the UK.
"With outline consent for more than 5,000 homes within commuting distance of both London and Birmingham, the land has the potential to deliver much needed housing against the backdrop of a continued national housing shortage. This sale represents a significant milestone in the development of Priors Hall Park".