Silver Hill Development Acquired by Henderson
UK Property Developer Henderson has purchased the Silver Hill Development in Winchester ΓÇô acquiring nearly 20,000 sq. ft. of office space in the process and taking ownership of the largest single development in the ancient city since the 1980ΓÇÖs.
The 630,000 sq. ft. development was purchased for an undisclosed sum from Deloitte, acting as administrators to Thornfeild ΓÇô the property firm who had originally planned to develop the site before they entered administration in early 2010.
Having been on hold, the scheme can now process and a completion target of 2015 has been established. In addition to the office space that will be developed on the site, retail space, residential units and a medical centre are planned in what appears to be part of a wider regeneration scheme for the city that was once capital of Saxon Wessex and later the Kingdom of England.
ΓÇ£The development of this substantial area of Winchester is an exciting addition to our portfolio which fits well within our fund strategy for value add opportunitiesΓÇ¥ explained Cameron Fraser, Fund Manager of the Henderson UK Property Fund to Estates Gazette.
“We are confident that we will be able to attract new high quality tenants to the scheme upon completion and are optimistic that we can maximise returns for our investors.ΓÇ¥
Also speaking to Estates Gazette, Cllr Kelsie Learney, leader of Winchester City Council who had a ┬ú150m development agreement with the now collapsed Thornfield, said:
ΓÇ£We are delighted to have secured such a high quality partner for the development of the Silver Hill scheme and look forward to working alongside a company that shares our ambition and optimism for the scheme.ΓÇ¥
The large-scale project reportedly covers nearly a quarter of Winchester and is the largest single development to take place in nearly 30 years ΓÇô with the last project of a similar size being the Brooks Shopping Centre which is currently owned by the London & Henley Property Group.
Having been voted the 2nd best place to live in the UK in 2007 ΓÇô having lost its 2006 crown to Edinburgh ΓÇô it would appear that the office space on offer from the Silver Hill development could prove desirable ΓÇô maybe even encouraging those commuters who currently use Winchester StationΓÇÖs direct connection with London Waterloo to relocate their office.