Panacea gets down to work in Stafford

MANCHESTER’S Panacea Property Development is to start on site of the first phase of the £25m mixed-use development Riverway Stafford.

The firm has achieved unconditional planning approval following purchase of the site from Staffordshire County Council.

Phase one is a 47,600 sq ft headquarters and business centre office development, let  on a 30 year lease, located on a site of  2.1 acres.

Lancashire-based Barnfield Construction has been appointed as contractor with completion scheduled for the summer of 2015.

The total value of phase one is circa £12m.

Panacea says it is reviewing proposals from interested parties for phase two of the development where a 60 to 80 bed extra care/independent living scheme is planned on the 1.6 acre front site.

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 development to fruition and has built an enviable portfolio of complex sites where we can add real value.”

The scheme has been forward funded by Aviva Investors via its REaLM commercial assets fund on a 30 year income-strip basis with RPI-based rent reviews.

Tom Chadwick, assistant fund manager at Aviva Investors, said: “We are delighted with this transaction as it fulfils the investment requirements of our pension fund clients by providing exceptionally secure and inflation linked cashflows.”