BIRMINGHAM property consultancy GVA has completed the sale of 162 acres of land at Dunstall Lane on the outskirts of Tamworth.
The site had been set aside for commercial development but is now earmarked for a residential-led scheme.
The site, situated to the west of the Town, close to the border with Lichfield district and adjacent to the existing Ventura Park development, has been purchased by the Aucott Group, a property investor and developer who currently manage much of Ventura Park.
No financial details have been disclosed in relation to the deal at this time.
The land currently has planning consent for approximately 25 acres of commercial development totalling 470,000 sq ft and comprising a mix of office and industrial uses. This has however, failed to be delivered as a viable development opportunity for the past 15 years.
Working collaboratively with Tamworth Borough Council, GVA has successfully submitted proposals for the allocation of the site as a sustainable urban extension (SUE) in the emerging Tamworth Local Plan.
This could lead to the delivery of in excess of 700 new homes and associated infrastructure, which would contribute towards the delivery of housing targets within the emerging plan.
The sale, and associated four-year programme of asset management works, was led by Alan Ryall of GVA’s restructuring and recovery team, assisted by Rob Gardner, a specialist within GVA’s planning, regeneration and development (PDR) department.
Ryall said: “What was an unviable commercial development site and additional land holding with numerous issues and complexities has been turned around to enable a successful sale to take place. Importantly our multi-disciplinary approach has generated significant additional value.
“The site is now likely to provide well in excess of 700 houses, a convenience retail store and associated neighbourhood facilities and will hopefully make a significant contribution towards the delivery of housing in Tamworth.”