Chelsfield has sold 0.80ha (2 acres) at its Paddington redevelopment site in London to Frogmore for more than £20m. Frogmore plans to build flats on the land.
Chelsfield has renegotiated a liability to pay a ground rent to British Waterways Board, the freeholder. It has also agreed a £5m settlement from Lonrho in a dispute over revised access right. The transactions leave Chelsfield and Bradman holding about 3.23ha (eight acres) at Paddington at zero cost. Talks are in progress with adjoining landowners with a view to producing a coherent plan.
- Financial Times 06/11/96 page 25, 27
