News Item
STRATEGIC SALE OF SUTTON DEVELOPMENT SITE
05 Jul 2005
As part of its strategy to release funds to invest in further development opportunities in the West Midlands, CALA Group, the premium residential and commercial property developer, has sold its development site at Brassington Avenue in Sutton Coldfield to City Loft Developments Limited for an undisclosed sum.
Since the company received planning permission for a £50 million mixed use development in March this year, a number of developers have shown an interest in acquiring the site.
“CALA’s Brassington Avenue development has had a very high profile. As a consequence of the great interest in the site, we took a fresh look at our own plans for the Midlands, where we are looking to invest in more land to meet our long-term ambitions,” says Alan Brown, managing director of CALA Homes (Midlands).
“The sale of Brassington Avenue will release funds that we can invest in a number of new development opportunities we’ve identified and also fits well with CALA Group’s wider national corporate plans.
“This has not been an easy decision for us, because we have been so emotionally involved in designing a development that we believe will be of immense benefit to Sutton Coldfield.
“The new owner is a highly regarded developer of city and town centre mixed use schemes, wishing to extend its interests in the Midlands and Sutton Coldfield in particular. It is well aware of local feeling about the development. We’ve every reason to believe they’ll be very sensitive in bringing it to life.”
City Lofts specialises in residential and mixed use developments across the UK and creates high quality, affordable, contemporary designed apartments, either from refurbishment of existing buildings or new build, invariably on brownfield sites. It is listed on the Alternative Investment Market and presently has developments under construction in Leeds, Salford Quays, Liverpool, Newcastle, Cardiff and Nottingham.
Brassington Avenue will be City Lofts’ second development in the Midlands. The company plans to implement the scheme which was granted planning permission in March this year for a mixed use development of 295 apartments and 80,000 sq ft of commercial space in seven retail / leisure units. It expects to start work on site at the end of 2005.
| PR CONTACTS FOR CALA PROPERTIES | |
CALA Group Limited tel: 0131 535 5200 |
Reay Public Relations Ltd. tel/fax: 01369 840042 |
Back