Legal & General gains planning consent for residential development in Stoke Poges.
29 October 2013
The redevelopment will provide 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, taking them back to their original use, as well as the demolition of a vacant 1980’s office annex to make way for a series of new buildings which complement the main house, providing a range of dwelling types.
Occupying a prominent position on Grays Park Road in Stoke Poges, approximately four miles north of Slough town centre, and set within 5.86 acres, the existing property contains just over 24,000 sq ft, arranged over ground and first floors, together with an open plan single floor extension to the rear. After a long period of vacancy, with no interest from the market for office accommodation, the space is deemed to be no longer viable for office use and therefore the main objective of the proposals is to enhance the special character of the period property through recycling land occupied by a redundant 1980s annex building and adapting the Listed parts for modern living through a sensitive reconfiguration.
Having gained planning consent, the property will now be offered for sale by informal tender through Colliers International (Residential) to facilitate early delivery.
James Whitehill, Senior Fund Manager at Legal & General Property, comments: "Having become redundant as a practical and modern working office environment, we are pleased to have been able to identify a way of carefully restoring the property to its original function, whilst also enhancing its period features and enabling the provision of new, high quality residential accommodation to meet the needs of the local area in the face of a growing shortage of UK housing stock.”
Notes to editors
Legal & General Property
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 £433bn in assets on behalf of more than 3,100 clients (30 June 2013) and provides products and solutions spanning all asset classes. LGP is the third largest institutional property fund manager in the UK, managing or co-managing 16 separate funds or vehicles and two segregated mandates with an aggregate asset value of £11bn as at 30 June 2013. These funds include:
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; Performance Retail Limited Partnership and Warrington Retail Limited Partnership
Life Fund; Linked Pensions; Linked Life; Managed Fund; Property Unit Trust; UK Property Income Fund; LPI Income Property Fund and the Hybrid Property Fund.
LGP’s UK-focused fund management platform has built and retained a strong track record of out-performance across the sector. Owing to its size, diversity and penetration, it benefits from best in class banking and property industry 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 upon the significant resources provided by the wider LGIM platform. Sector specialists cover each sphere of the market and are supported by LGP’s market-leading research capability. LGP’s sector specialisms cross all facets of the real estate market. In particular, the Company has a major development platform, responsible for delivering West End landmark building, Central Saint Giles, and Agar Street, its high profile Covent Garden office scheme, amongst others, and is currently involved in bringing forward a number of significant town-centre retail and leisure regeneration projects, including Bracknell, Trowbridge, Northampton and Eastbourne.
Legal & General Property Limited. Registered address: One Coleman Street, London EC2R 5AA. Registered in England 2091897.
For more information please contact:
PR Manager, Legal & General Capital and Real Assets, LGIM (Property, infrastructure and alternative finance)
t: + 44 (0) 203 124 2777
m: + 44 (0) 7718 395 279
About Legal & General
Legal & General Property Limited.
One Coleman Street
London EC2R 5AA.
Registered in England 2091897.