Hargreaves Services plc (AIM: HSP), a diversified group delivering services to the industrial and property sectors, is pleased to announce that it has exchanged conditional contracts with Bellway Homes Limited (“Bellway”) for the sale of 10.75 acres of serviced residential development land at its key Blindwells site near Edinburgh.
Legal completion of the Bellway transaction, which is valued at over £9m in proceeds to Hargreaves, is principally dependent upon receiving detailed planning permission and associated statutory approvals. It is expected that these will not be received until the second half of calendar year 2020.
The entire Blindwells site has outline planning consent for 1,600 houses.
Earlier this year, a conditional contract was exchanged with a leading Scottish housebuilder in Hargreaves’ first sale of land at Blindwells. The contract has a value to Hargreaves of over £1m. Detailed planning consent is expected shortly for that plot, with legal completion anticipated in the first half of the financial year ending 31 May 2020.
David Anderson, Hargreaves’ Group Property Director, said: “We are delighted to exchange contracts with Bellway in our second conditional sale of land at the Blindwells site. We are encouraged by the level of interest in the site and look forward to bringing further plots to market in the coming year and beyond.”