DTZ - Mixed-Use Sale - Leeds, Cookridge Hospital
Date: 12 Jan 2010
£4.5m sale of Cookridge Hospital.
Acting on behalf of the Leeds Teaching Hospitals NHS Trust, DTZ has negotiated the sale of the former Cookridge Hospital to Leeds house builder Chartford Homes in partnership with Leeds property group J.Pullan and Sons.
The Trust have received £4.5m for the site and the deal provides for additional payments to the Trust should the housing market improve significantly in years to come.
In what is undoubtedly a major acquisition for the house builder, a wholly owned subsidiary of Bracken Limited, Chartford are putting faith in the housing market now moving forward which has recently been reaffirmed by a number of positive indicators.
DTZ residential director Phil Roebuck commented: "We are delighted to have concluded this significant land sale - one of very few achieved in the market in recent months. The site offers excellent potential for a high quality housing development which will be well placed to take advantage of the improving market conditions."
The 19.5 acre site has planning approval for some 248 dwellings, comprising a mix of houses and apartments, some of which are to be within the original Grade II listed hospital buildings. The site also includes a 16,000 sq ft office building, which following refurbishment, will be available for sale or to let on flexible terms. The site is ear marked for mainly two storey family housing including gardens and garaging.
Neil Chapman, Director of Finance for Leeds Teaching Hospitals NHS Trust said: "Since all services transferred from Cookridge Hospital to the purpose built new St James's Institute of Oncology in 2008, we have been working hard to secure a sale of this redundant site. In what we recognise is a very difficult property market, we are convinced this is a good deal."
"The money from the sale of Cookridge Hospital will go directly into this year's Trust budget to ensure we continue to deliver high quality patient care for more than a million people who use our services. We look forward to the developer breathing new life into the site which has served the NHS very well in the past and will now have a new role providing homes for local people."
Chartford are to begin work on the site immediately, with demolition and enabling works, with the first 24 houses due to be available towards the end of 2010. Prices will start at approximately £175,000.
Chris Thompson, Chartford MD said: "We are delighted to be working in partnership with Pullans again who in addition to their financial strength bring years of development experience with them, particularly in the refurbishment of listed buildings. We are very pleased to secure this prime north Leeds housing site as the market appears to have now levelled out. We are hopeful the availability of mortgage finance will improve throughout the year, in time for what we believe will be an ideal scheme for family housing. We are quietly confident that this product, priced keenly will be highly in demand even in what is a challenging market.'
Chartford and Pullans were advised by surveyors Carter Towler and Blacks Solicitors, the NHS were represented by DTZ and Eversheds Solicitors.
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