Promenade Estates has bought a 10 acre site on Mercury Road in Ellesmere Port from Hansteen Holding PLC.
The site previously had planning permission for 179 houses which ran out at the end of 2018. Promenade managing director Dan Hynd confirmed that the company plans to apply for a new residential permission.
“We’re excited by the potential of the site and are working with our architects to examine different development options before we consult with the local authority. The housing market remains in good shape in Ellesmere Port and this site will help the authority achieve its housing targets,” said Mr Hynd.
Promenade has substantial resources available following a string of asset disposals, including the fully-let Marine Point development in New Bright to Aprirose, the Ramada Plaza leisure scheme in Southport to Bliss Estates and Cargo Building, a major waterfront residential scheme overlooking Liverpool’s Albert Dock, to Vista Fund.
“We remain on the look-out for opportunities to add value to sites and buildings and are currently exploring a number of acquisitions,” added Mr Hynd.
GVA advised Hansteen Holdings PLC on the disposal. Promenade Estates acted under its own advisement.