Peel Holdings has announced that it will launch a new residential development division called Peel Living.
The developer and landlord is to move away from its usual practice of selling landholdings to residential developers and will instead develop some residential schemes itself.
Speaking at MIPIM this afternoon, Peel Development surveyor James Whittaker said the project’s first scheme would be at Pomona Island in Manchester, where a 540-unit scheme already has planning permission.
Peel owns 100 acres at the site, close to Salford Quays and the Cornbrook area of Manchester, off Chester Road.
The concept is then likely to be rolled out at other Peel-owned sites across the UK.
Whittaker, who is the son of Peel chairman John Whittaker and will manage the Peel Living venture, said: “The days of big standalone retail warehousing and office parks are over and this is all about mixed use.”
Peel will continue to “pick and choose” which residential land it will deliver through the Living venture and which future sites will be sold off to provide cashflow for the business.
Peel has already developed a small 25-unit residential scheme in Walsall and is involved in a residential joint venture with Artisan in Manchester.
Peel’s earlier Peel Homes venture was wound up during the recession of the early 1990s.
References: EGi News 16/03/06
