Panacea Property Development has unveiled plans for the first phase of the £25m mixed-use Riverway development in Stafford.
The £12m first phase comprises 47,600 sq ft for a headquarters and business centre development on a two-acre site. Completion is due in summer 2015.
The Manchester-based developer has won planning consent for the scheme following the purchase of the site for an undisclosed sum from Staffordshire county council.
The scheme has been forward funded by Aviva Investors via their REaLM commercial assets fund on a 30-year income-strip basis with RPI-based rent reviews.
Panacea is reviewing proposals from interested parties for phase two of the development. A 60- to 80-bed extra care/independent living scheme is planned on the prominent 1.6 acre front site.
CBRE advised Panacea.
lisa.pilkington@estatesgazette.com
