Persimmon purchases £13m Wirral plot
Riverside Park, an 18-acre site in Bromborough with consent for more than 200 homes, has been sold to the housebuilder.
Persimmon’s Southwood Road site has had outline planning permission for up to 217 houses since 2022 when Wirral Council granted approval for the project.
Previously, the site had been owned by two SPVs, Riverside Park and Cheshire Office Park, which acquired the land in 2005.
At that time, plans were to develop the land as a seven-building business park, rather than a residential scheme. These plans were only partially delivered, resulting in only three buildings being constructed.
Subsequently, fixed charge receivers from Watling Real Estate were appointed by the secured lender, HSBC, and instructed to sell the land.
Having acquired the plot, Persimmon will need to agree on reserved matters with Wirral Council before it can begin work.
It is understood Permission will press ahead with the already outlined and approved residential scheme.
Watling Real Estate worked alongside Colliers to market the site. DLA Piper provided legal advice for the seller. Persimmon Homes was advised by Kuits Solicitors.
The combined masterplans for the two Bromborough projects, with Riverside Park straddling the Mersey. Credit: via Pegasus Group
Chris Walker, director in the Manchester office of Watling, said: “Working with key stakeholders throughout the process, the property was successfully promoted as a strategic residential site in Wirral’s new local plan and secured several planning permissions including consent to a change of use of the existing office buildings and, crucially, outline consent for comprehensive site redevelopment for residential use.”
Walker wished Persimmon Homes well and added that due to its prime location, the site attracted interest from both national and regional housebuilders.
He continued: “Riverside Park is an excellent brownfield opportunity, which will deliver much-needed family housing in the area.
“Coupled with the Wirral-owned former MOD site next door, which is also consented for residential development, this is the start of an exciting evolution of a former employment area on the peninsula.”
In addition, the 19-acre site adjacent to Riverside Park, a former Ministry of Defence fuel storage facility, has also been put in the shop window, with planning permission for up to 250 homes.
Last March, Wirral Council’s economy, regeneration and housing committee, declared the site surplus to requirements and announced its intention to dispose of it.
Because the land has been sold with planning permission for development, there’s no guarantee that development will take place in the foreseeable future. There’s a plot of land, a former school for the partially hearing with extensive playing fields, that’s still not been developed though it’s been vacant for over 20 years, and exchanged ownership several times, each time with planning permission. The only sure way if development starting sooner than later is to impose a tax on land values (LVT). The financial loss of not developing the land would strongly incentivise the owners to develop.
By Peter Reilly
A genuine hurrah for much needed new homes but don’t be fooled, this is Wirral’s “employment land first” approach to delivering housing. Just robbing Peter to pay Paul. Not sure what will come first, a proper Local Plan for WIrral or the next ice age. No Local Plan led development for 2 decades and the Council wonders why it is going bust and has no tax base. Mustn’t upset the NIMBYs though, they’re more than comfortable in their 4 bed detached.
By Regen
Angela Rayner keen to see homes built, this will be a goer.
By Anonymous