Developer submits plans for third phase of £30m mixed-use site

Developers have lodged a planning application for the third phase of work at a £30m mixed-use site in Stafford town centre.

Manchester-based Panacea Property Development, chaired by JCB heir Jo Bamford, plans to build a part four and five storey building comprising 80 residential apartments with associated access, parking and landscaping at the Riverway site.

The proposed apartments will be targeted at the over 55’s and will be available for either rent or purchase. The firm is hoping to progress the scheme before the end of the year.

Gareth Riddell, co-founder and director of Panacea Property Development, said: “Panacea has used its blend of unique skills and experience to bring the Riverway Stafford project to fruition and this scheme is just one of a portfolio of complex sites we’re developing out.

“This latest phase submitted for planning means that we’re able to satisfy Stafford’s requirement for accommodation for the over 55’s. We also hope to be in a position to progress the final phase of development before the end of the year.”

Phase 1 of the Riverway scheme saw the development of a £12m headquarters facility for educational support company, Entrust. The scheme was forward funded by Aviva Investors, with capacity for 450 people and Entrust took occupation in October 2015. The 47,600 sq ft headquarters and business centre office development, let on a 30-year lease, is located on a site of 2.1 acres.

Phase two of the development consisting of a 15-unit supported living building on the prominent 1.6-acre front site was completed in March 2016. This phase was funded by internal Panacea Property Development resources and sold to BAE Pension Fund.

Panacea Property Development has full planning approval for Phase 4 of 15 supported living units in one building and it expects to make a further announcement on this phase before the end of the year.

Zerum acted as planning consultant to Panacea on Phase 3 and 4 of the development.