Developer to kick off £160m Alderley Park masterplan

DEVELOPER PH homes has acquired 13 acres of land at Alderley Park for a development of 74 prestige family homes – the first phase of a £160m masterplan for the site.

The purchase of the land at the 400-acre Cheshire site is by Cheadle, Greater Manchester-based PH homes for an undisclosed sum, but the initial development alone will be worth £60m.

Bruntwood and Manchester Science Partnerships (MSP), are the current owners of Alderley Park, which has become a science park since it was vacated by AstraZeneca in recent years.

Chris Oglesby, Bruntwood chief executie and MSP chairman, said: “We are so pleased and excited to be making progress and have chosen PH Homes to help us create a distinct 21st century environment where quality of life and quality of work are absolutely paramount.
 
“The contrast between the beautiful and peaceful parkland setting and the world class science taking place at Alderley Park is there to be enjoyed.

“It’s the most attractive residential development site outside of the South East and its wider location is prime Cheshire.
 
“Alderley Park also has a particularly attractive sense of place. The landscaping and the quality of the gardens have been lovingly maintained since the 1950s. We understand the site well and are building a community that balances old and new, science and nature, work and play.”

The PH Homes scheme is the first residential phase of the £160m masterplan. It will eventually see up to 275 homes, new sports and leisure facilities, including a gastro pub, hotel and farm shop.

The projects sit alongside the on-going creation of some 410,000sq ft of state-of-the-art science space for life sciences in addition to more than 1 million sq ft of space for life sciences already in place. The proposals received planning permission from Cheshire East Council in February this year.
 
Located in the heart of Cheshire, Alderley Park has a rich history that can be traced back to the Domesday Book.

The estate became the seat of the renowned Stanley family in the 16th century and grew up around a nine-acre lake, Radnor Mere.

Under the fourth Lord Stanley, Alderley Park became a meeting place of people with power.
 
Prime Minister Herbert Asquith stayed every Christmas and Sir Winston Churchill was a frequent visitor.

Alderley Park changed hands in the late 1950s. Initially it was a home for ICI Pharmaceuticals before AstraZeneca made Alderley Park its global HQ. MSP acquired the site in 2014 and it has since become a base for over 150 new and early stage businesses.
 
MSP’s investment programme includes environmental aspects of the park – such as footpaths, ancient woodland and historic parkland, which will have links to the surrounding public footpath and bridleway network through National Trust land around Alderley Edge. These will be opened up to the local community.

The deal is unconditional and is due to complete at the end of September. Construction work on the development is expected to get underway early in the New Year with the first homes available for residents to move in for Christmas 2017.

Philip Hughes, managing director of PH Homes, said: “I am thrilled to announce that PH Homes have acquired the first residential phase at Alderley Park.

“The acquisition will increase PH Homes’ development pipeline to over 150 units with a sales value in excess of £120m. This will take us closer to our goal of becoming the region’s foremost luxury housebuilder.”

Alderley Park was advised by the real estate team at the Manchester office of law firm Addleshaw Goddard. PH Homes was advised by Eversheds real estate team.