Grainger : The Defence Infrastructure Organisation & Grainger sell first phase of major Aldershot housing development to Bellway Homes

The Defence Infrastructure Organisation & Grainger sell first phase of major Aldershot housing development to Bellway Homes

THE DEFENCE INFRASTRUCTURE ORGANISATION & GRAINGER SELL FIRST PHASE OF MAJOR ALDERSHOT HOUSING DEVELOPMENT 

TO BELLWAY HOMES

- Grainger, acting on behalf of the MoD, sells the first phase of Wellesley scheme in Aldershot, Hampshire, a site with planning consent for 228 new homes -

Grainger, the UK's largest quoted residential property owner and manager, today announces that it has sold the first phase of the Wellesley development, which it is delivering on behalf of the Defence Infrastructure Organisation (DIO) to Bellway Homes Ltd ("Bellway"), comprising a 13.3 acre site with planning consent for 228 new homes (of which 35% are affordable).

Bellway will begin construction in October, with the first homes expected to be completed in Spring 2015. The end gross development value ("GDV") for Bellway is anticipated to be in the region of £60m.

The sale is in line with Grainger's strategy for Wellesley, which is to sell phases of consented land to housebuilders after first installing infrastructure, such as roads and utilities. Grainger was appointed by DIO as its development partner for the 630 acre Wellesley scheme in March 2011, and is responsible for delivering the scheme. The sale proceeds will be shared between DIO and Grainger after covering Grainger's costs to date. In addition, Grainger receives a management fee for its role as development partner for the scheme.

Wellesley will provide 3,850 new homes, as well as two new schools, and other local amenities and associated infrastructure. The project has been designed by Robert Adam of ADAM Architecture, and will contain extensive green spaces and play areas along with sports and community facilities, and the refurbishment of six listed buildings.

The scheme received outline planning consent in March along with detailed planning consent for this first phase.

John Beresford, Development Director at Grainger plc, said:

"We are committed to developing a thriving new community at Wellesley, with well-designed, attractive homes built around public open space. Bellway shared our vision for the site and have a proven track record in building new homes of the highest quality. We now look forward to seeing the first homes complete at this initial phase as we continue to install major infrastructure and look to market future phases of the development."

Martin Lloyd, Principal Estate Surveyor at DIO said:

"It is very pleasing to see the first land sale of this project. It will provide much needed housing on this brownfield site.

"The MOD continually examines ways of improving military capability and value for money for the taxpayer. As part of this approach, we keep the size and location of our bases under constant review and DIO is committed to ensuring that the military estate is no larger than necessary to meet operational needs."

Nathan Stevenson, Senior Land Manager at Bellway Homes Thames Valley, said:

"Bellway Homes Thames Valley are delighted to have acquired the first phase of this major regeneration project from Grainger plc and the DIO. We very much look forward to delivering the investment in new homes that are much needed in the area."

ENDS

For further information:

Grainger plc

Kurt Mueller, Director of Corporate Affairs

Tel: [phone]

DIO

Tony Moran, DIO Secretariat

Tel: [phone]

FTI Consulting

Stephanie Highett/ Dido Laurimore/ Nick Taylor

Tel: [phone]