Picton has received the green light to develop a retail and residential scheme at its six-acre Westlea Campus site on Chelmsford Road in Swindon.
The listed fund has secured a resolution to grant planning permission following the submission of a planning application in April this year to convert the former office scheme into a 15,000 sq ft supermarket and up to 70 flats.
Picton exchanged contracts with Aldi earlier in the year to sell a 1.6-acre retail element of the site, subject to receipt of planning permission.
With this resolution secured, the contract will now become unconditional once the section106 agreement is finalised and the judicial review process is complete.
In addition, the remaining 4.4-acre site, which has outline residential planning consent, will now be brought forward for disposal in the coming months.
Picton Capital chief executive Michael Morris said: “We are really pleased to have achieved this approval within such a short period of time.
“We will shortly be in a position to realise the valuation upside from this asset management initiative and will look to reinvest the proceeds into income producing assets in due course.”
