Consent triggers associated development contract worth £300,000 to Sigma
Sigma Partnership has secured detailed planning consent for a new £9 million healthcare and retail scheme in Salford.
The Edinburgh-based finance, property and urban regeneration specialist said the consent triggers the completion of an associated development contract in which the firm will realise fees and profit share worth around £300,000.
Plans for the 30,000 sq. ft development at Newbury Place, Higher Broughton, include a GP surgery, dental practice, pharmacy, optician and a new convenience store which has been pre-let to Tesco.
It forms part of a major urban regeneration project being led by Sigma's regeneration subsidiary, Sigma InPartnership, as limited partner of the Salford Partnership along with Salford City Council and Royal Bank of Scotland.
A specialist developer will own and manage the facility and building completion is expected in early 2014.
The Salford Partnership has already delivered new homes in the Higher Broughton area of Salford for a value of around £45 million as well as a new community facility, new sports facilities and the refurbishment of two local schools.
Sigma chief executive Graham Barnet said: "We have made great progress this year with the Salford Partnership, one of our three council partnerships, and the grant of detailed planning consent for this major healthcare and retail scheme in Higher Broughton, represents further momentum.
“We have engaged with a specialist medical facility developer to deliver the project and construction will be starting shortly.
“I am pleased to report that we are also advancing other sites within the Partnership.”
AIM-listed Sigma has undergone an extensive restructuring in the past year to focus primarily on regeneration related activities.
Sigma acquired a 50 per cent stake in Inpartnership Ltd last August from Scottish entrepreneur Sir Tom Hunter's West Coast Capital investment firm in a £347,000 deal.
West Coast Capital had acquired the 50 per cent stake in Inpartnership in 2007 in a multi-million pound deal backed by Bank of Scotland.
Inpartnership, which has offices in Birmingham and Manchester, specialises in creating long-term asset-backed partnerships with the public sector.
Agreements in place range in length from 10 to 20 years, with Liverpool, Salford and Solihull Metropolitan Borough council.
The total development value of the opportunities held within the three partnerships is estimated at more than £2 billion.