January 27, 2023
Fiera Real Estate (“FRE UK”) and Danescroft are pleased to announce the sale of a 14-acre site with planning permission for 180 residential units in Willingdon, East Sussex, to Vistry Homes for c.£14million.
The site in Willingdon is 0.5 miles to the south of the town of Polegate and benefits from excellent transport and road links. It was purchased unconditionally in 2020 on behalf of Fiera Real Estate Opportunity Fund V UK (“FREOF V UK”), the fifth fund in Fiera Real Estate’s £600m value add series. The Fund completed its final close in Q3 2022 with £180m.
James Trelfa, Managing Director of Danescroft, commented “We are delighted to have disposed of our interest at Eastbourne Road, Willingdon to Vistry Homes, having obtained planning consent for 180 new homes in October 2022. Danescroft acquired the land unconditionally a little over two years ago, with a chequered planning history including a dismissed appeal. Having worked carefully through the sites constraints and nuances, we are pleased to have unlocked a valuable consent for the borough and local community. We are exceptionally keen to acquire similar opportunities to unlock sites with planning issues, on a straightforward and unconditional basis.”
Chris Button, Fund Manager of Fiera Real Estate, commented “Alongside Danescroft, we are delighted to have completed on the sale of this site which will be providing much needed housing to the local area and has been designed to meet the local Councils housing needs. The sale has generated excellent returns for the Fund and our investors. We are launching a a new residential land strategy in Q1 and we significant funds available to invest in similar sites in the UK with the potential for future residential use, so please get in touch.”