A UK subsidiary of IJM Land has acquired an 811-home scheme on the site of a former Shredded Wheat factory in Hertfordshire from receivership.
The 11-acre North Site of the Wheat Quarter in Welwyn Garden City was brought to the market in 2022 by CBRE fixed charge receivers Tim Perkin and James Graham.
The site has been acquired by RMS (Welwyn Garden City) Ltd. Octopus Real Estate, which appointed the receivers, had loaned £21m to previous owner Plutus Estates to transform the site in 2019.
The brownfield site had been acquired by Plutus Estates and MTVH – then known as Metropolitan Housing Trust – in 2016, with MTVH taking over the South Site in 2019.
The site has planning permission for a mixed-use development including 811 homes, 114 of which are slated for later living. It also has consent for 151,000 sq ft of community, leisure, retail and workspace uses.
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