Sigma completes North Arran Way scheme

RESIDENTIAL and urban regeneration specialist, Sigma, has completed its development of the Smiths Wood village centre in Chelmsley Wood.

The ownership of the development has now been transferred to the buyer and as a result, the proceeds of the sale have been paid to Sigma. After deducting an associated loan from the Government’s Growing Places Fund and money due to the contractor, Sigma expects the net funds to be in excess of £500,000.

Sigma was drafted in to the North Arran Way scheme as part of plans by Solihull Council to regenerate around 1,000 acres of land in the north of the borough. The new scheme comprises a 30,000 sq ft, two-storey commercial development, with 16,000 sq ft of office accommodation and eight retail units.

Sigma was responsible for obtaining planning permission and securing five key pre-lettings which generate 90% of the total income for the development. It was also tasked with securing the forward sale of the development.

In addition, Sigma procured the construction contract and finance for the build phase of the development, negotiating a £4m funding facility from the Government’s Growing Places Fund.

Sigma is also providing development management services on a further village centre in North Solihull where new infrastructure is being delivered. It is now assessing the viability of further commercial development opportunities.

The partners involved in the North Solihull Partnership are: Solihull Borough Council, Bellway Homes, West Mercia Housing Association and Sigma Inpartnership Ltd, a subsidiary of Sigma.  

The project began in 2007 and has an anticipated 20-year life cycle with the aim of delivering new and replacement housing stock, 10 new primary schools and five new village centres incorporating neighbourhood retail facilities with new medical and council facilities.

Sigma’s role is the provision of development management services, including strategic development planning, coordination and procurement of development works and general development management in return for agreed fees for these services. Thereafter there are specific sites which Sigma has the right to develop directly on a commercial basis.

Graham Barnet, chief executive of Sigma, said: “The North Arran Way development in North Solihull has proceeded to plan and we are delighted that the partnership with the Solihull Metropolitan Borough Council continues to deliver the Council’s large scale regeneration objectives for the area. Work on further regeneration schemes for the region continues.”