Urban&Civic: Strategic scale at record speed

20.03.18

Urban&Civic (the “Company”) reports that the Resolution to Grant an Outline Planning Application for a new urban extension at St Neots, Huntingdonshire, submitted jointly by the Company and trusts associated with Nuffield College, Oxford was approved by the relevant committee of Huntingdonshire District Council yesterday evening.

The proposed extension, includes, inter alia, up to 2,800 new homes, two new primary schools, health facilities and 63,000 sqms of new employment space. Urban&Civic acquired a 33 per cent interest in the project for an aggregate consideration of £13.3 million in April 2017. Without placing a value on the commercial space, the acquisition consideration represented a cost of £14,285 per residential plot.

The application was submitted on 30th October 2017, meaning determination took place within 20 weeks. Terms have been agreed for the first parcel sale under Urban&Civic’s bespoke Master Developer licence model. The target is for first occupations not later than November 2019. Given the substantive change in the status of the project since acquisition, the holding will be revalued in the Company's forthcoming interim results to 31st March 2018.

Commenting on the outcome, Nigel Hugill, CEO of Urban&Civic said;

“Last night’s decision demonstrates exactly what can be achieved when a Master Developer and a committed Local Authority work positively together. The application, including almost 3,000 new homes, was determined within 20 weeks. That must be a record. In thirty years of large-scale development, I have never known a new strategic application being determined so expeditiously. First plot sales will be under the now established Urban&Civic licence model and are well advanced. We are working towards initial occupations within two years of application submission. The historic average on major residential projects is almost seven years.”