U and I Group PLC Positive planning decision in Tunbridge Wells (9388Z)
September 24 2020 - 2:00AM
UK Regulatory
TIDMUAI
RNS Number : 9388Z
U and I Group PLC
24 September 2020
24 September 2020
U and I Group PLC
Positive planning decision at Kingstanding in Tunbridge
Wells
U+I (LSE:UAI), the specialist regeneration developer and
investor, today announces positive progress at its GBP200 million
Gross Development Value trading scheme on the outskirts of
Tunbridge Wells in Kent. All planning matters have been addressed
by the planning committee and the scheme is only subject to the
resolution of Highways Mitigation measures and completion of the
standard procedural and judicial review process.
The scheme, named Kingstanding, will transform 30 acres of
unused land 3.5 miles from the centre of Tunbridge Wells into a
thriving new business community that will address the severe
shortfall of office and industrial space in the area, whilst also
providing local infrastructure improvements. The scheme delivers
c.800,000 sq.ft. of flexible warehouse and office accommodation
centred around a parkland landscape and a water feature and will
accommodate a café and other essential amenities for occupiers.
U+I and the landowner are in detailed discussions with a
potential occupier for a significant part of the scheme. The
project will deliver some initial land improvement and development
profits for U+I in FY2021. U+I expects additional development
profits as further phases are developed.
Richard Upton, Chief Development Officer at U+I, commented:
"U+I is now a step closer to unlocking the potential in this
unused greenbelt land just outside Tunbridge Wells town centre as a
thriving new business destination and community space, with nature
and wellbeing at its heart. With demand for office and industrial
space far outstripping supply, Kingstanding will attract firms from
a range of backgrounds to a workspace inspired by the outdoors and
fit for the modern era. It will create over 4,000 new jobs,
stimulating significant economic growth."
ENDS
For further information, please contact:
U+I
Nicola Krafft
+44 (0) 20 7828 4777
ir@uandiplc.com
Camarco (Financial PR Adviser)
Geoffrey Pelham-Lane / Tom Huddart
+44 (0)20 3757 4985 / 4991
uandi@camarco.co.uk
About U+I
U+I is a specialist regeneration developer and investor.
With a >GBP10.8 billion portfolio of complex, mixed-use,
community-focused regeneration projects including a GBP130.6
million investment portfolio, we are unlocking urban sites
bristling with potential in the London City Region (within one
hour's commute from Central London), Manchester and Dublin. We
exist to create long-term socio-economic benefit for the
communities in which we work, delivering sustainable returns to our
shareholders.
To find out more, visit www.uandiplc.com or follow us
@uandiplc
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END
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