Monday, April 23, 2012
Sigma, the finance, property and urban regeneration specialist, is delighted to announce that the masterplan for the Winchburgh Development, near Edinburgh, has received Planning Permission in Principle from West Lothian Council. Accordingly, detailed planning applications for the first phase of residential development covering 177 new homes will be now submitted for approval. Sigma has already secured contracts on behalf of Regenco Trading Ltd with Barratt Homes and Miller Homes for the delivery of the first phase of the development and subject to detailed planning consents being finalised, site works are expected to commence in August.
The Winchburgh Development, situated eight miles from Edinburgh and covering approximately 350 hectares (870 acres), is one of the UK's single largest residential and mixed use developments, worth an estimated £1bn in total. The masterplan includes the construction of c.3,500 new homes, five new schools, a town centre, town park, retail facilities and a commercial park, as well as associated rail and road infrastructure, including a new motorway junction, train station and 'park and ride' facilities.
Sigma has been actively involved in the Winchburgh Development since 2010 and has led planning and commercial negotiations with West Lothian Council on behalf of Regenco Trading Ltd. The release of the masterplan consent represents the conclusion of a lengthy planning and design process started over ten years ago and it marks the commencement of a development period expected to be programmed over a period of 15 to 20 years. Sigma has been retained as Development Manager on behalf of Regenco Trading Ltd for the project implementation stages and, as previously announced, this will generate fees of £1.8m over the next five years with the potential to generate additional carried interest incentive fees based on profit targets.
Commenting on the Planning Approval, Graham Barnet, CEO of Sigma, said,
"The granting of Planning Permission in Principle by West Lothian Council for the Winchburgh Development masterplan unlocks the development of this substantial site. We are delighted to have reached this landmark and will be supporting the next stage, which involves the early delivery of 177 new homes."