Stellar day for Harlex Property with the acquisition of Wyevale Garden centre
Harlex Property are delighted to announce the acquisition of a former Wyevale Garden Centre in Altrincham, on a site of 7.2 acres.
The site is located close to the town centre in a prominent position, c. eight miles from Manchester city centre and adjacent to strong transport links connecting the area to Manchester city centre in less than 15 minutes. The site had been identified as part of the ‘Timperley Wedge Expansion Area’ in the draft 2016 Greater Manchester Spatial Framework plan, a further draft of which is due to be published next month.
The business plan will involve obtaining plan
ning consent for a c.80unit residential scheme, with a subsequent sale to a housebuilder in due course.
The acquisition has been funded by the Residential Land Partnership, managed by Schroder Real Estate in association with Palmer Capital, and marks the fifth acquisition into the fund to date. A further £50m is currently allocated for similar deals, with a focus on enabling residential development on currently unconsented sites.
Rapleys acted for Harlex on the acquisition and Christie & Co on behalf of the sellers.
This falls just two weeks after the appointment of Mark Nicholson, former Head of Acquisitions at Vita Group, who has joined Harlex Property to expand the company’s executive resource. Harlex Property launched just under a year ago, in October 2017, and was founded by ex-Argent and Kier Director, James Nicholson. Harlex Property is backed by Palmer Capital, and is their eighth investment in a regional operating business and, the first to be based in Manchester. 2018 is to be an exciting year for the company which has c. £200m to invest across a range of value-add opportunities in the North West.
James Nicholson, Director of Harlex Property commented:
“I am delighted with this acquisition and look forward to working with the Local Planning Authority to facilitate a housing-led scheme. I would like to acquire further sites without planning on an unconditional basis, using the funding resources of Palmer Capital”
Chris Button, Head of Value Add REIM at Palmer Capital commented:
“This site perfectly reflects our strategy of acquiring previously developed sites with good prospects of future residential consent”
Jon Patrick, Director of Christie & Co commented:
“We are delighted to have sold the site to Harlex Property, who performed in a competitive environment, under tight timelines and in line with their original offer”
Russell Smith, Retail Partner at Rapleys LLP, who advised Harlex on the purchase, commented: “The decision process & dedication behind their acquisition was swift & very professional with all necessary due diligence provided in a tight timely fashion to secure the site. We were assisted by Jonathan Harper, Senior Associate based in Rapleys Town Planning Team, Manchester office.”