Countryside/Torus JV pays £100m+ for Warrington resi opportunity
The housebuilders have acquired the 170-acre Peel Hall site from Satnam Investments, paving the way for its redevelopment into 1,200 homes.
Countryside Partnerships and Torus Developments paid in excess of £100m for the site, according to the former. The companies will now seek to progress a mixed-tenure scheme, delivering 600 homes each. Around 500 will be available on affordable tenures.
“This is the largest site Torus has undertaken and Peel Hall is a great opportunity for us and our partners, Countryside,” said Chris Bowen, managing director of Torus Developments.
“Building over 500 new affordable homes in Warrington – an area integral to Torus’ history – and unlocking a landmark site that will become a fantastic asset for the local community is something we’re incredibly proud to have a hand in.”
Satnam was granted outline planning permission for up to 1,200 homes on the site at appeal in 2021.
Warrington Council had rejected the proposals, which also feature plans for a school, a supermarket, and 80,000 sq ft of employment space, but the Secretary of State overturned that decision, citing the authority’s lack of five-year housing supply.
Satnam then appointed Savills to find a buyer for the site, understood to be one of the largest residential opportunities in the North.
Ed Rooney, development director at Savills, said the transaction is the “highest value residential land deal ever concluded in the North of England”.
“We are delighted to announce the sale of the land on behalf of the Satnam Group,” Rooney said.
“The purchasers will be developing 1,200 much-needed homes on the site. We are thrilled to have concluded such a fantastic deal on behalf of our client.”
It is understood the scheme could deliver around £10m in Section 106 contributions and contribute around £150m to the local economy.
The scheme, located on Green Belt bordering the M62, Poplars Avenue, Windermere Avenue, and Grasmere Avenue, sparked objections from local residents who were concerned about the impact the development would have on local roads.
Warrington Council declined to comment.