Former Bassel Site, Wilton International, Redcar
Wilton International, owned by SembCorp Utilities (UK) Limited, was one of few sites in Western Europe that retained special development status – designed for heavy industrial use such as chemicals and process plant.
Chemical company Basell announced the closure of a plant on Wilton in the 2000s, leading to the loss of 160 jobs and leaving a derelict 30 acre site in its wake, with approximately 100,000 sq ft of office and warehouse accommodation standing empty.
Chris acquired the contaminated brownfield site in 2007 and invested over £1million in its redevelopment, whilst also securing Transport Development Group (TDG) on a long-term lease. The project was stringently managed with specialist consultants appointed to deal with complexities of the site and its use. The site was then sold to an investment fund, reflecting a competitive yield and providing a healthy return on capital employed for Chris.