British Polythene Industries PLC (Visqueen) Site, Stockton-on-Tees
Chris completed a deal in 2009 to take vacant possession of this industrial manufacturing site and associated buildings for £6million from the owner occupier.
The site covered approximately 40acres of land, comprising more than 250,000 sq ft of industrial warehousing last used for plastics production and printing by Visqueen. Historically, the site has had a variety of uses including manufacture of electric trams.
Chris led a team to comprehensively masterplan and successfully secure planning permission for the site’s development, and to change its use to residential. When the land acquisition was completed in 2010, a simultaneous agreement was concluded with a major house builder to acquire the full site and begin development, demolishing part of the dilapidated manufacturing premises and commence house building.
A further contract was also simultaneously completed by Chris with Hertel UK Ltd – a global industrial services company – to lease the remaining 160,000 sq ft warehouse, which would ensure a revenue stream for the developer whilst safeguarding and creating new jobs for the region.
This further increased the sales receipt for Chris as a competitive yield was realised in the deal.