Partner Article

Plans for Warrington apartments approved

Property development specialist, The High Street Group of Companies, has secured planning consent for another North West private rented sector (PRS) apartment project.

Warrington Borough Council approved the ambitious proposal for John Street, an area close to the railway station, which is undergoing significant regeneration.

This paves the way for construction of the £56 million, eight storey development to begin later in the year. It will include 362 units – all for private rent – and around 800 car parking spaces.

The site was purchased, on a subject to planning approval deal, from local property owner, Bob McLaughlin, who said he was delighted that the project could now contribute further to Warrington’s redevelopment.

The scheme is only one of three that The High Street Group has in progress in the North West.

It already has planning consent for a £26 million, nine storey, 127 home complex -including town houses and apartments - in Salford, close to Middlewood Locks, where building is expected to commence this summer, while proposals for a £28 million, ten storey, 156 unit project in Trafford, Manchester are well advanced.

The Greater Manchester initiatives are among seven PRS projects either under construction or planned. Others are in Birmingham – two - Milton Keynes and Newcastle-upon-Tyne. They have a total gross development value (GDV) of £340 million and to date, planning consent has been granted for 1,498 apartments.

With further proposals already at advanced stages of discussion, around 1,300 more apartments could soon be added, taking the group’s PRS portfolio beyond £600 million of GDV.

Chairman Gary Forrest commented: “We are delighted to have secured planning consent for Warrington. It is a great place to invest and we will be creating high quality living spaces, future proofed through the use of the latest smart technologies.

“This style of living is becoming the choice of young professionals and we anticipate increasing our investment levels by around £200 million per year for several years to come.

“Our developments offer extremely attractive investment opportunities for institutional and individual investors who can enjoy capital growth and steady income streams. These are non-volatile, high quality assets offering attractive, long term returns, which we can maximise for our partners.”

With its headquarters in Newcastle, The High Street Group of Companies was established by Gary Forrest in 2006. It has grown to become a leading financial and property group employing over 100 people in activities including large scale property development and traditional construction, hospitality and leisure.

This was posted in Bdaily's Members' News section by Paul Dobbie .