Property pair team up

A PAIR of property developers have merged their fledgling firms to form a new venture.

Former Modus Properties director Tim Heatley is merging his two-year old company Centric Property Group with the Capital Properties business started by ex-Property Alliance Group director Adam Higgins earlier this year.

The new company, Capital & Centric plc, came into being after the pair met earlier this year having discovered they were competing against each other on a number of schemes. They decided to pool resources and create a firm which is looking to build a portfolio without exposure to excessive levels of debt.

Centric Property Group is already working on schemes such as Crown Business Park in Rochdale and the Estuary Banks scheme in Speke – both of which are currently onsite. Capital Properties is currently working on several foodstore-led schemes, including sites in Lancashire and North Wales.

Mr Higgins said: “Tim is somewhat of a public funding specialist and is used to working with public sector bodies in leveraging finance, we are looking at several further schemes involving public funding which will continue feeding employment-generating development.

“My background has tended to be more private sector, retail-based so joining the companies together creates a balance in terms of project mix and skills.”

Mr Heatley added: “The current market provides an opening for companies run by individuals with extensive experience but without the legacy of servicing debt within their portfolio. This provides a great opportunity for an agile developer such as Capital & Centric.”

Accountants Grant Thornton and law firm Ward Hadaway advised on the merger.