L&G Sells Residential Development Site in Stoke Poges to Taylor Wimpey.
22 August 2014
Legal & General Property (LGP), advised by Colliers International, announces that it has successfully sold Stoke House, an office scheme in Stoke Poges, near Slough, with planning consent for conversion into 27 new homes, to housebuilder Taylor Wimpey for close to £5,800,000.
Situated across 5.86 acres of landscaped parkland, the period property is a blend of Victorian and Georgian architecture, dating back to 1780, with over 24,000 sq ft of office accommodation spread across the manor house and interconnecting pavilion. LGP successfully gained planning consent from South Bucks District Council to develop the site into a total of 27 new homes, ranging from two-bed to seven-bed dwellings. Central to the plans are the careful alteration and refurbishment of two Grade II Listed buildings, Stoke House and the Coach House, as well as the demolition of a vacant 1980’s office annex to make way for a series of new buildings which will complement the main house, providing a range of dwelling types.
James Lidgate, Head of Residential at Legal & General Property, commented: “Using our team of dedicated sector specialists the successful planning consent was the result of years of hard work behind the scenes to understand the local social and economic dynamics of the area and liaise carefully with both the Council and residents to design a scheme that would both complement and support its future direction. For this reason, it was no surprise to us that the scheme received such strong interest from the market, leading to an attractive sales price."
Annabel Haan, Head of Residential Development, Colliers International said: “We saw a huge amount of interest in Stoke House from local and national house builders, leading to a competitive bidding process which resulted in the property selling for 45 per cent more than the asking price.
“Once redeveloped, this site will provide highly desirable residential properties in the sought after village of Stoke Poges, located just a few miles from Gerard’s Cross and Slough, only a 25 minute commute from central London.”
Notes to editors
- Legal & General Property (LGP) is a wholly-owned subsidiary of Legal & General Investment Management (LGIM), one of Europe’s largest institutional asset managers and a major global investor. LGIM manages approximately £465bn in assets on behalf of over 3,100 clients (30 June 2014) and provides products and solutions spanning all asset classes. LGP is the fourth largest institutional property fund manager in the UK, managing or co-managing 17 separate funds or vehicles including three segregated mandates with an aggregate asset value of £14.2bn as at 30 June 2014. These funds include:
- Balanced Funds
Life Fund; Linked Pensions; Linked Life; Managed Fund; Legal & General UK Property Fund; UK Property Income Fund I; UK Property Income Fund II; LPI Income Property Fund and the Hybrid Property Fund
- Specialist Pooled Funds
The Leisure Fund Limited Partnership; Industrial Property Investment Fund; Arlington Business Parks Partnership; and the English Cities Fund
- Single Asset Vehicles
Bracknell Regeneration Partnership; Central Saint Giles Partnership
- LGP’s UK-focused fund management platform has built and retained a strong track record of out-performance. Owing to its size, diversity and penetration, it benefits from best-in-class banking and property contacts which, along with its wealth of in-house skill and expertise, have enabled it to continue to attract and secure high quality market opportunities.
- Taking a client-centric approach, the business places the highest priority upon integrity and transparency, leveraging the significant resources provided by the wider LGIM platform. Protecting the medium to long term value of its portfolio, as a leader in sustainability, green principles are embedded into every property and investment decision.
- Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability. In particular, the Company has a major development platform, responsible for delivering community-focused projects ranging from West End landmark buildings to significant town-centre retail and leisure regeneration schemes.
- Forming part of the Group’s larger UK housing and infrastructure investment strategy, LGP also continues to participate in a growing range of supply side housing activities, including financing affordable homes, the house building sector, urban regeneration, student accommodation and care homes.
About Legal & General
Legal & General Property Limited.
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Registered in England 2091897.