Detailed Planning Consent Granted for Major Healthcare and Retail Scheme
Sigma, the finance, property and urban regeneration specialist, is pleased to announce that detailed planning consent has been granted for a major new healthcare and retail scheme worth approximately £9 million at Newbury Place, Higher Broughton, Salford, triggering the completion of an associated Development Contract, and fees and profit share due to Sigma of approximately £0.3m. The income of approximately £0.3m will be fully recognised in the results for the year to 31 December 2012.
As previously reported, the scheme comprises a 30,000 sq ft development incorporating a GP surgery, dental practice, pharmacy, optician and a new convenience store, pre-let to Tesco. It is part of a major urban regeneration project being undertaken by Sigma’s regeneration subsidiary, Sigma InPartnership, as limited partner of the Salford Partnership (with the two other limited partners being Salford City Council and Royal Bank of Scotland). A specialist developer will own and manage the facility and building completion is expected in early 2014.
Sigma InPartnership via the Salford Partnership has to date seen the delivery of approximately £45m of new homes in the Higher Broughton area of Salford as well as a new community facility, new sports facilities and the refurbishment of two local schools. As previously announced on 3 April 2012, the next phase of residential construction of an additional 80 homes is expected to commence imminently, with sales of the homes expected in 2013 and 2014. Progress is also being made with other developments in the Salford Partnership.
Graham Barnet, Chief Executive of Sigma, said
“We have made great progress this year with the Salford Partnership, one of our three council partnerships, and the grant of detailed planning consent for this major healthcare and retail scheme in Higher Broughton, represents further momentum. We have engaged with a specialist medical facility developer to deliver the project and construction will be starting shortly. I am pleased to report that we are also advancing other sites within the Partnership.”