Prime site in Stratford’s Old Town is sold for development
Commercial property agents John Truslove have sold a key development site in the Old Town of Stratford-upon-Avon for a price equating to over £2 million an acre.
The leading commercial agency had marketed the former Army Reserve Centre in New Broad Street asking for offers in excess of £1.5 million.
But after a hotly-contested sales process, Castle Homes of Warwick was the winning bidder for the 0.89 acre site which was granted planning permission for seven houses and three apartments in August 2020.
The development, due to commence at the beginning of 2021, will offer a mixture of two, three and four bed houses and three large apartments in the heart of Old Town.
Ben Truslove, joint managing director of John Truslove, said: “Sites in Stratford’s Old Town do not come to the market very often, and as this is such popular location to live, we were expecting a lot of interest in the site.
“Having gained planning permission, the site has tremendous potential for residential development, and I am sure Castle Homes of Warwick will do it justice and we look forward to seeing the transformation in due course.
“I recently had the pleasure of a tour of Avon Heights, which Castle Homes of Warwick are developing on Swans Nest Lane. The quality of the build is excellent, and it is a two minute walk from the town centre. I am not at all surprised that they have already sold units, including the penthouse, off plan.”
The freehold site in New Broad Street, which is unoccupied, was previously owned by West Midland Reserve Forces and is the former Territorial Army barracks.
It currently consists of a two storey office/training facility, warehouse, workshops and storage shed amounting to 21,500 sq ft on the 0.89 acre site.
The sale by John Truslove follows on from the agency’s successful sale of a former army reserve centre in Waterloo Road, Hanley, Stoke-on-Trent.
The long-established Redditch firm is retained by the West Midlands Reserve Forces & Cadets Association (WMRFCA) to advise on the organisation’s property assets. The 2.15 acres site was sold on behalf of WMRFCA to Fenton Park Developments for £580,000.
Ben Truslove added: “Sites with development potential are much in demand and we are experiencing particularly strong interest in sites of this size.”
Lauren Powers of law firm HCB acted for WMRFCA and Castle Homes of Warwick was advised by Sib Chunara of SC Legal in Leamington Spa.
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