Reynards Business Park Planning Update

RNS Number : 9486A

Schroder Real Estate Inv Trst Ld

27 March 2013

 



For release 27 March 2013

Schroder Real Estate Investment Trust Limited

(the 'Company' / 'Group')

REYNARDS BUSINESS PARK, BRENTFORD - PLANNING UPDATE

Following the planning appeal inquiry in November 2012, the application for a 275 unit, 220,000 sq ft residential scheme at Reynards Business Park in Brentford has been refused by the Secretary of State.   The main reason given for the refusal was overdevelopment of the site.  Importantly, the Secretary of State agreed with the Planning Inspectors conclusions that re-use of the Reynards site for residential development would in principle be acceptable in policy terms.

The Company also has a separate planning application pending for a lower density residential scheme comprising 229 units or 189,000 sq ft.  This is still to be determined and the Company will now review this application in light of the detailed comments received from the Secretary of State.  If changes are now required to this separate application then the planning process could be delayed until late 2013 or early 2014.

Reynards Trading Estate comprises a 170,000 sq ft, un-refurbished secondary industrial estate on a six acre site in a predominantly residential and mixed use location.  The site produces £0.2 million per annum of short term income and as at 31 December 2012 was independently valued at £16 million.

-ENDS-

For further information:

Schroder Property Investment Management Limited: Duncan Owen / Nick Montgomery	020 7658 6000
Northern Trust: David Sauvarin	01481 745529
FTI Consulting: Dido Laurimore / Daniel O'Donnell	020 7831 3113

 

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