Guinness Housing Trust has bought a Matalan retail store and adjoining car park on the edge of Stevenage, Hertfordshire, for £16.4m.
The 2.9-acre site has planning permission for 526 homes and commercial space, with 4.6% allocated to affordable housing.
Guinness Housing Trust bought the store from Meridien, part of the Intercountry Group, and the car park from Stevenage Borough Council.
The site adjoins Stevenage Borough Council’s SG1 town regeneration area, which is due to provide more than 3,000 homes over the next 15 years.
Savills advised Meridien and Stevenage Borough Council.
SG1 is one of the largest regeneration schemes in the region, with a gross development value of around £350m.
The mixed-use scheme includes plans to create a series of new streets within Stevenage, as well as a redesigned town square.
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