Manchester based Panacea Property Development announces the start on site of the first phase of the prime £25m mixed use development at Riverway Stafford.
Panacea has achieved unconditional planning approval following purchase of the site from Staffordshire County Council.
Phase one is a 47,600 sq ft (4,422 sq m) headquarters and business centre office development, let on a 30 year lease, located on a site of 2.1 acres (0.85 hectares). Barnfield Construction has been appointed as contractor with completion scheduled for the summer of 2015. The total value of phase one is circa £12m.
Panacea is reviewing proposals from interested parties for phase two of the development where a 60 to 80 bed extra care/independent living scheme is planned on the prominent 1.6 acre (0.64 hectare) front site.
Gareth Riddell, Co-founder and Director of Panacea Property Development says:
“Panacea has used its blend of unique skills and experience to bring the Riverway Stafford development to fruition and has built an enviable portfolio of complex sites where we can add real value.
“We help landowners and occupiers from both public and private sectors that require a dedicated, confidential and streamlined service to deal with their diverse property requirements. We act independently or in partnership and collaboration with other organisations.”
The scheme has been forward funded by Aviva Investors via their REaLM commercial assets fund on a 30 year income-strip basis with RPI based rent reviews. Tom Chadwick, Assistant Fund Manager at Aviva Investors commented;
“We are delighted with this transaction as it fulfils the investment requirements of our pension fund clients by providing exceptionally secure and inflation linked cashflows.”
CBRE acted for Panacea.