Developer completes phase one of £30m Stafford scheme

PANACEA Property Development has completed the first phase of its prime £30m mixed use development in Stafford.

Phase 1 of the Riverway scheme is a new £12m headquarters for educational support company, Entrust. The building, which has a capacity for 450 people, was officially opened in October by National Schools Commissioner, Frank Green.
 
The 47,600 sq ft headquarters and business centre office development, let on a 30 year lease, is located on a site of 2.1 acres. Barnfield Construction was the contractor on the building which completed in August before Entrust took full occupation last month.
 
Phase two of the development consisting of a 15-unit supported living units on the prominent 1.6 acre front site is due for completion in March 2016. Phase three is now in for planning for another 15-bed supporting living scheme and is due to be completed in 2016.
 
Gareth Riddell, co-founder and director of Manchester based Panacea Property Development, said: “Panacea has used its blend of unique skills and experience to bring the Riverway development to fruition and has built an enviable portfolio of complex sites where we can add real value.”
 
Phase one of the scheme was forward-funded by Aviva Investors. Phase two was funded from internal resources by Panacea.