Update on Corus Rail Site
25 Novembre 2009 - 8:00AM
UK Regulatory
TIDMEFD
RNS Number : 0274D
Eatonfield Group plc
25 November 2009
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| For immediate release | 25 November 2009 |
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Eatonfield Group plc
("Eatonfield" or "the Group")
(AIM: EFD)
Eatonfield secures interest in option to acquire 265 acres
adjacent to Corus Rail Site, Workington, Cumbria
Eatonfield Group plc, the commercial property developer, is pleased to announce
that it has secured a 50% interest in an option to acquire 265 acres of land
situated immediately to the north of the 77 acre Corus Rail Site already owned
by the Group. These two sites together create one of the largest brownfield
regeneration schemes on the northwest coast.
Allerdale Borough Council and Cumbria County Council, current owners of the
site, have granted an option, exercisable by December 2010, to Port Derwent LLP
("Port Derwent") to acquire the site at its pre-planning valuation. Eatonfield
has now made the final payment under an agreement with Port Derwent, such that,
following exercise of the option, the site will be acquired by Port Derwent
Workington Limited, a company in which Eatonfield and Port Derwent will be equal
shareholders.
Knight Frank LLP has been appointed as lead and planning consultant and,
alongside Eatonfield's in-house architects, is preparing a master plan which
will culminate in the lodging of two outline planning applications by Easter
2010.
The master plan for the option land will include a marina and associated
facilities, residential development, including town houses and apartments
overlooking the marina and the historic town quay. In addition, within the
scheme, it is proposed that there will be restaurants, two hotels, associated
conference and leisure facilities, together with retail, offices and a visitor
centre. It is expected that this development will commence in late 2013.
In accordance with Cumbria's vision for Britain's Energy Coast, the development
plans for Oldside, which forms part of the Corus Option Site, will
provide sustainable energy generation from a biomass power station, a waste
recycling plant and wind turbines.
Eatonfield has already been granted outline planning consent, subject to signing
a Section 106 agreement, to redevelop the adjacent 77 acre former industrial
Corus Rail Site. Demolition has now been completed on this site and development
is due to commence in 2012.
Along with various Government Strategy & Regeneration bodies such as the, West
Cumbria Vision Board and the North West Regional Development Agency, Allerdale
Borough Council's Director of Partnerships & Community, David Martin, has
welcomed this potential investment in West Cumbria.
Rob Lloyd, Eatonfield's Chief Executive, commented:
"These development projects clearly underline our commitment to play an active
role in large scale regeneration in the UK and fully endorse our strategy of
realising land value via the planning process. Securing the option over 265
acres, alongside our existing 77 acre Corus Rail Site on which outline planning
permission has already been granted, gives Eatonfield a very exciting
opportunity to create significant value. We look forward to being part of the
strategy to further enhance the area, through inward investment, job creation
and the development of a thriving community. ".
David Martin added "The Borough Council would welcome the master plan as
part of a transformational vision of Workington, ensuring Workington is at the
centre of the revival of West Cumbria."
For further information, please contact:
Eatonfield Group plc
Paul Williams, Executive ChairmanTel: (+44)(0)1829 261910 / 07767 471733
Rob Lloyd, Chief Executive Officer Tel: (+44)(0)1829 261910 / 07802 544438
Evolution Securities
Joanne Lake/Peter Steel Tel: (+44) (0) 113 243 1619
Orbis Equity Partners Limited
Jeremy King Tel (+44) (0)203 137 1904
Buchanan Communications
Jeremy Garcia/Christian Goodbody Tel: (+44) (0) 207 466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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