Redrow plans £38 million investment in Stratford
Revised plans for a landmark site in Stratford representing £38 million of investment have been submitted by Redrow Homes, who are keen to commence the development.
Redrow acquired the site of the former Cattle Market, off Alcester Road in 2007. Plans to redevelop the site were put on hold when the recession hit.
Following a viability study and negotiations with Stratford District Council, Redrow has now submitted revised plans for 199 apartments, 15 houses and 8,000 sq ft of retail space.
Matthew Pratt, managing director for Redrow Homes (Midlands), “We bought the land in good faith prior to the recession but since then market conditions have changed considerably. In its current form, the development is no longer viable as it would cost more to build than we would receive from selling the properties.”
The viability of the site is based on how much the land is worth in the current economic climate; how much it would cost to develop including contributions to education, transport and social housing; and the projected income from the sale of the properties. The current scheme has been independently assessed in conjunction with Stratford District Council as being unviable.
“We clearly wish to commence development and hope that the council will support our revised plans so that we can start building. If the Council supports our application we are prepared to commit to developing the site,” Matthew added.
“We will be building for about four years, which will be a welcome boost for the local economy as we’ll be providing direct employment for around 100 people. It will have wider benefits too as the construction industry supports manufacturing like no other. Not to mention the additional revenue to local shops and restaurants from more people living in the town centre.”
Among the changes in the latest plans is the removal of one of the underground car park, which has been replaced with ground level parking; while the office blocks in the original scheme would be built as apartments for a Housing Association for local needs.
Redrow remains committed to providing a new bus and taxi transport interchange with the railway station, together with a new, high quality public square to welcome visitors to Stratford as part of its plans for the area. Along with these improvements Redrow is also providing additional car parking to the station.
“We want to create a gateway into Stratford, something visitors can see and that local people will be proud of,” Matthew said.
