YoungsRPS have recently announced the successful sale of Land at The Iron Horse Public House in Newton Aycliffe owned by EI Group, the largest portfolio manager of pubs in the UK, to Livin Housing Associationwho are a homes and communities organisation managing around 8,400 homes across Co. Durham.

After undertaking a review of their portfolio, EI Group identified the car park at the Iron Horse as being surplus to their requirements and capable of residential development.

Youngs RPS were instructed to act on behalf of EI Group and market the site for sale.  They were aware that Livin Housing Association had a requirement in the area for new bungalows and a deal was quickly agreed for the sale of the land.

Livin Housing Association have now obtained planning consent for a development of four bungalows on the site.  The bungalows are aimed at the over 55’s and work is scheduled to start on site in October.  The properties should be ready for occupation in early 2020.

Andrew Kitchen, Head of Development said: “YoungsRPS presented us with this opportunity in Newton Aycliffe which coincided with ongoing developments we had in the area.  The construction of the four bungalows for affordable rent goes some way towards meeting demand in the area and providing sustainable accommodation.”

Commenting on the sale, Paul Fairlamb, Commercial Property Surveyor for YoungsRPS, said: “We are delighted the sale of this parcel of land is completed. The land was a disused car park which was a maintenance liability for our client.”

“As well as providing a capital receipt for our client, the sale will see the land brought back into practical use and provide much needed housing in the area.”

YoungsRPS offers commercial property services including sales and lettings, development, property management and investment, and as such deal with a wide range of property types including office retail, industrial and leisure as well as advising on development projects and investment strategies.

For more information, please visit www.youngsrps.com.