Development Securities and Wessex Investors have secured resolution to grant planning on mixed-use schemes in Devon and Cornwall.
In Barnstaple, north Devon, the partnership is acting as development manager to promote a 31-acre derelict industrial site and bring it forward for redevelopment on behalf of its owner, SIG UK.
Proposals for the first phase include a 78,000 sq ft shop, for which a conditional pre-sale with Asda has been agreed. Phase two comprises up to 350 homes, a 60-bedroom hotel and 163,000 sq ft of mixed-use space.
In Launceston in Cornwall, plans backed for a 30-acre site comprise a 51,000 sq ft supermarket for which a site disposal has been agreed to Morrisons, a 60-bed hotel and a restaurant, for which site disposals have been agreed to Premier Travel Inn and Marstons respectively.
The second phase of the development, which has received resolution to grant outline planning, will comprise up to 275 flats.
Upon the expiry of the six-week judicial review period, the two sites will generate gains approaching £2m to Development Securities in its role as development manager.
joanna.bourke@estatesgazette.com
