Acting for Wrexham University, Legat Owen is celebrating completing a sales hat-trick involving land for residential development in Wrexham.
The most recent sale is a 5.9-acres site which lies to the north of Holt Road. Bought by Bellway Homes for a sum in excess of £5million, the site has outline planning permission for up to 74 homes. It is around a mile to the north-east of Wrexham town centre and with convenient access to the A534 and will feature a variety of 3, 4 and 5-bedroom homes.
Will Rees director at Legat Owen, said:
“We are delighted to conclude this recent residential land sale on behalf of the University.”
“We have managed to navigate through very difficult circumstances to conclude three successful land sales for the University, in deals that will bring much-needed homes to Wrexham.”
The previous sales comprised a 7-acre plot close to Plas Coch Retail Park with consent for 90 homes, sold to Edwards Homes for £3million; and an 12-acre site at Gatewen Road in the village of New Broughton, sold to Bellway for £6million with outline planning permission for 112 homes.
David Elcock, Executive Director of Finance, Wrexham University commented:
“We have used Legat Owen for our last three land asset disposals and always been delighted with the service provided. Legat Owen provided great professionalism, structured advice and support on all our disposals, but in particular, the latter to what proved to be a difficult/complex transaction. Their constant advocacy on behalf of their client (the University) was invaluable in completing the deal”.
As with those previous deals, a Section 106 agreement has been completed for the Holt Road site, ensuring that 25% of homes will be classed as affordable. A contribution towards local education will also be made.
Part of the land is to be maintained for sports and recreational use in perpetuity for residents and local sports clubs.
Bellway was unrepresented on the transaction.
