Grainger PLC
07 January 2008
7 January 2008
Grainger plc ("Grainger")
GRAINGER ACHIEVES PLANNING PERMISSION
FOR MAJOR HAMPSHIRE MIXED-USE SCHEME
Grainger plc, the UK's largest quoted residential property owner, is pleased to
announce that it has achieved planning permission for Newlands Common, its major
residential led mixed-use development, located west of Waterlooville in South
Hampshire.
Grainger has completed the S.106 Agreement for the scheme, which will initially
provide 1,550 new homes and 100,000 sqm of commercial space on the 132 ha site.
40% of the new homes will be affordable, a balanced mix of shared equity and
social rented, in line with current government guidelines. Grainger owns
adjoining land which has been identified by the Local Authorities as potentially
suitable for an additional 1,000 future dwellings.
This is a long term project that has been designed as an exemplar sustainable
urban extension. Infrastructure works will commence shortly with the first land
sales or housing starts due in the Autumn. Grainger will update the market with
additional details on the project phasing in due course.
Rupert Dickinson, Chief Executive of Grainger, commented:
"Securing full planning permission on this key scheme is a very exciting
milestone. Through working closely with the various statutory authorities,
local stakeholders and our project partners, we believe that we have designed a
fully integrated solution that will meet the needs of the local community,
whilst positioning us well to create and deliver shareholder value.
For further information:
Grainger plc:
Rupert Dickinson Tel: +44 (0) 20 7795 4700
Andrew Cunningham Tel: +44 (0) 191 261 1819
Financial Dynamics:
Stephanie Highett Tel: +44 (0) 20 7831 3113
Dido Laurimore
Jamie Robertson
This information is provided by RNS
The company news service from the London Stock Exchange