Norwich Union Life & Pensions and Easter Developments have paid MEPC £8m for a greenfield site in Hampshire.
The joint-venture takes over the 10.92ha (26.9 acre) site at Kings Croft near Fareham. It has outline consent for B1, B2 and B8 uses. MEPC recently got the go-ahead for a new spine road which will access the site.
The £8m equates to around £990,000 per ha (£400,000 per acre). The site fronts the A27 around 1.5 miles from junction 9 of the M27.
Simon Hoad development manager at MEPC said: “Developing out Kites Croft does not meet with our strategy and we have always made it clear that for the right price we would sell.”
MEPC was represented by King Sturge and Holloway Illiffe & Mitchell. Norwich Union represented itself. Egan Lawson advised Easter.
EGi 18/11/99
