January 2021
Deal news: advising Wilky investments on its sale of Redfields site for housing
Stevens & Bolton has advised Wilky Investments Ltd (Wilky), a leading property investor and developer in the South East, on the strategic sale of its Silvergate building to a residential developer.
Over the past four decades Wilky has completed more than 80 commercial developments, valued from £2m-£200m. Silvergate is a two-storey building of around 32,500 sq ft, with planning consent for conversion to provide 44 residential apartments, at Redfields Business Park in Church Crookham, Hampshire.
The complex sale involved collaboration between all of the parties involved, including the planning advisors and selling agents, to conclude arrangements for the allocation of Suitable Alternative Natural Greenspace (SANG) in respect of the development from a developer of nearby land. To complete this and secure planning permission, a section 106 agreement (with a Strategic Access Management and Monitoring (SAMM) contribution) was also concluded with the local authority, Hart District Council, concurrently with the sale negotiations.
Stevens & Bolton has worked with the Wilky Group previously and has also been jointly involved in various community activities to support the local economy including Surrey Chambers of Commerce; Guildford Business Forum, Surrey First and Blackwater Valley Enterprise Trust. There is a relationship with Wilky going back more than 30 years.
Real Estate Partner Ian Craig commented: “It has been a real pleasure to work with Sally Fish and the team at Wilky in connection with this strategically important sale. We have worked on a number of transactions for Wilky during 2020 and, despite the challenging market conditions, it was great to be able to finish the year in this way, particularly given the various strands that had to be pulled together to conclude matters. The transaction also shows the continued demand in the market for well-located properties with development potential.”
The Stevens & Bolton team was led by Ian Craig, supported by Joanne Purnell and Estelle Nguyen (real estate).
For further information about the Wilky Group please contact Malcolm Young (Tel: 07836 719374) or Sally Fish (Tel: 07818 425475).