8th May 2006 07:08
Redrow PLC08 May 2006 Redrow secures major land opportunity at Bristol Redrow today announces that it has unconditionally secured under contract 77acres of land from Hewlett Packard in a prime area of North Bristol. This sitehas an outline planning consent for at least 1,250 new homes and 72,000 sq ft ofcommercial space around a new neighbourhood centre. The site overlooks Bristol and benefits from excellent transport infrastructure,offering easy access to the motorway network and being within walking distanceof rail links. The purchase consideration of £59m in cash will be met from the Group's existingbanking facilities, with a deposit of £5.9m paid on exchange of contracts andthe remainder due in July 2006. The expected return is in line with Redrow'smargin criteria for land acquisitions. The site is expected to provide at least 1,250 homes over a period of up to 10years and will further support growth in Redrow's Western Region and for theGroup as a whole. Following the master planning process, infrastructure works are expected tocommence in 2007 with the first legal completions anticipated during 2008. Commenting upon the purchase, Neil Fitzsimmons, Chief Executive said: "We are delighted to have secured this significant opportunity in such a primemarket as Bristol which further demonstrates our capacity to undertake majorland transactions in line with our strategy of promoting mixed use sustainabledevelopment. We look forward to delivering the site into a development that will embody ourcommitment to high quality urban design." Further information: Redrow 01244 520044Neil Fitzsimmons, Chief ExecutiveDavid Arnold, Group Finance Director Brunswick Group LLP 020 7404 5959Patrick HandleyNina Coad This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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