Liverpool-based property developer Promenade Estates will bring forward a residential development in Ellesmere Port after buying a 10-acre site from Hansteen Holdings.
The site off Mercury Road previously had planning permission for 179 houses, but this lapsed at the end of last year. Promenade is now exploring bringing forward a fresh application for a residential development on the plot.
The acquisition follows a series of asset disposals by the company, which has sold the fully-let Marine Point in New Brighton to Aprirose; the Ramada Plaza leisure scheme in Southport to Bliss Estates; and the Cargo Building, a residential scheme on Liverpool’s Albert Dock, to the Vista Fund.
Dan Hynd, managing director of Promenade, said the company was “on the look-out for opportunities” for more sites, and added the company was “currently exploring a number of acquisitions”.
On the Ellesmere Port site, he added: “We’re excited by the potential of the site and are working with our architects to examine different development options before we consult with the local authority. The housing market remains in good shape in Ellesmere Port and this site will help the authority achieve its housing targets.”
The plot was sold for an undisclosed sum. GVA advised Hansteen Holdings, while Promenade was unrepresented.