Ainscough Strategic Land strikes £13m deal with Redrow

AINSCOUGH Strategic Land Ltd (ASL) has sold a 17-acre site near Macclesfield to Redrow Homes for more than £13m.

ASL acquired the open land between Manchester Road and Tytherington Business Park, Tytherington, in May 2012 from Allied Irish Bank for £4.5m and won planning permission for 162 new homes last April.

Managing director Paul Martin said: “This is one of the most profitable and high profile strategic land deals ever completed in the North West. 

“The fact that we were able to take the site through a vigorous planning process and complete a sale in less than 22 months is very impressive. We are delighted with this outcome and plan to continue to invest in other high quality sites across the UK.”

Alex Wood, land director for Redrow Homes North West, said: “This site is ideally situated in an up market area of Cheshire making it perfectly suited to our award winning Heritage housing range. It was a pleasure working with ASL – their attitude and attention to detail made the acquisition process very simple.”

Leigh-based ASL was set up by Martin Ainscough in 2007 following the £255m sale of his family’s crane business. The company specialises in the acquisition, masterplanning and promotion of land for development throughout the UK. Its portfolio includes 760 acres of development land.