13th Jun 2006 09:00
Crest Nicholson PLC13 June 2006 Crest Nicholson PLC Major new residential development in West Lothian Scotland Crest Nicholson PLC today announces that it has exchanged contracts with jointventure partners including the Royal Bank of Scotland to design and oversee thedelivery of a major sustainable community at Heartlands in West Lothian,Scotland. The development is expected to be in full production for the 2007/08financial year with an overall 15 year development programme. The grossdevelopment value of the initial residential scheme is approximately £300m. Heartlands is located at Whitburn which lies close to the M8 between Edinburghand Glasgow. Already benefiting from Outline Planning Permission, the firstphase of the development comprises 2,000 dwellings and associated communityinfrastructure. Crest Nicholson has also taken options over future phases whichare already allocated for development and could total a further 3,000 dwellings. Crest's role is initially to master plan the development area and establishdesign principles for the site as a whole. The majority of the development valuecreated will be realised through sales of serviced land, but Crest will retainat least 30% of the site for its own residential development. Joint venturepartners will be responsible for developing the adjacent 100 acre business parkand two championship quality golf courses. Crest Nicholson will deliver thesupporting retail and community facilities. Stephen Stone , Chief Executive of Crest, said "The Heartlands development represents a new departure for Crest and gives usour first project in Scotland. We are delighted that our reputation for creating well conceived high qualitycommunities in England has enabled us to secure this development opportunity andwe look forward to working with our partners to set a new standard for highquality sustainable development in the central belt of Scotland." Enquiries to: Stephen Stone/Peter DarbyCrest Nicholson PLCTel: 01932 847 272 Andrew Fenwick /Robert GardenerBrunswick Group LLPTel: 020 7404 5959 Notes to editors Crest Nicholson PLC (Crest) Crest, the residential and mixed used development company, is a leadingdeveloper of sustainable communities and large scale urban regeneration schemesthroughout the UK. The Company's vision and values, combined with its experiencegained from its existing portfolio of major projects, makes the company wellequipped to lead the complex and challenging process of delivering sustainablecommunities. Current urban regeneration projects include developments at Port Marine(Portishead), Bristol Harbourside, Ingress Park (Greenhithe), Park Central(Birmingham) and Riverside (Hemel Hempstead). In addition the Company has asignificant pipeline of agreed urban regeneration projects including Oakgrove(Milton Keynes), Penarth Heights (Cardiff), Bath Western Riverside and WoolstonRiverside (Southampton). For further information see www.crestnicholson.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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