Angle Property and Fiera Real Estate are pleased to announce that they have sold their 11-acre site at Howland Road in Thame, Oxfordshire to Bellway Homes and CareUK for a total of £17.7m in two simultaneous transactions.
The vacant commercial site was acquired in 2017 on behalf of Fiera Real Estate Opportunity Fund IV UK (“FREOF IV UK”), the fourth fund in Fiera Real Estate’s programmatic joint venture series with CBRE Global Investment Partners (“CBRE GIP”).
A planning application for 129 new dwellings including 28 affordable homes, a 68-bed care home and a 1,500 m2 GIA B1 office building was recommended for approval in February 2019 by planning officers at South Oxfordshire District Council. Following refusal at planning committee, the application was granted consent on appeal in May 2020 and a subsequent judicial review claim by Thame Town Council was dismissed in the High Court by Mrs Justice Lang in February 2021.
The site was sold in two parcels, a 1.4-acre site to CareUK for the 68-bed care home, and the remainder to Bellway Homes with both sales completing on 25th March 2021.
CBRE and Wright & Partners acted for Angle Property.
James Good, Director of Angle Property commented “Our thanks to both CareUK and Bellway Homes for their commitment and perseverance alongside our professional team, in seeing this project through the long and frustrating planning process. We wish them every success with their respective developments and Angle continue to seek similar planning led opportunities across the South-East.”
Chris Button, Head of Value Add at Fiera Real Estate commented “We are delighted to have completed these sales which will lead to the regeneration of vacant and redundant real estate and meet local need for residential and care home accommodation. Fiera Real Estate have substantial cash reserves to acquire similar obsolete real estate in well connected, sustainable locations where we can use our skill and expertise to repurpose sites for onward sale for residential and/or industrial uses.”