In it first deal backed by the Residential Land Partnership fund, Harlex Property has acquired the Wyevale Garden Centre in Timperley with the company looking to bring forward an 80-home scheme on the site.
The 7.2-acre site sits on Thorley Lane and was identified for housing development under the first draft of the Greater Manchester Spatial Framework, published in 2016. Harlex’s purchase covers the former World of Pets and World of Water site
Harlex is now aiming to secure planning consent for a development of around 80 homes, which will be then sold to a housebuilder following planning approval.
It is Harlex’s first acquisition funded by the Residential Land Partnership, a fund managed by Schroder Real Estate alongside Palmer Capital. The fund has made four previous acquisitions, and has a further £50m available for similar deals on sites without planning consent.
Wyevale had previously submitted plans to build 15 detached houses on the site, but this was refused by Trafford Council in 2017, owing to the land being designated as green belt.
Rapleys acted for Harlex on the acquisition, and Christie & Co acted on behalf of the vendor. All 145 Wyevale Garden Centres have been put up for sale by parent company Terra Firma earlier this year.
James Nicholson, director of Harlex Property, said: “I am delighted with this acquisition and look forward to working with the local planning authority to facilitate a housing-led scheme. I would like to acquire further sites without planning on an unconditional basis, using the funding resources of Palmer Capital.”
Harlex was launched by Kier Property director Nicholson in October.