C&M Group deal

ADVFN NewsWire (09:03) - Country & Metropolitan Group has received full planning permission for the commercial use of former Royal Air Force buildings at Upper Rissington village, Gloucestershire, once an RAF base. The plans are in line with the Department of the Environment's preference for development of brown field sites.

Country & Metropolitan owns 140 acres on the site, which will be developed as a 10-year programme, comprising up to 500 new homes and providing considerable employment opportunities within the business park.

It is intended that the buildings will be occupied by hi-tech companies. The uses allowed are for B1, which is primarily office space, up to B8, distribution and warehousing (in the former aircraft hangars). In total, this comprises approximately 428,000 sq. ft. of business space.

It is expected that rental income from the properties will be earnings-enhancing in the current year and that the company will be in receipt of rental income in the region of £1m once the business park is substantially let.

Stephen Wicks, managing director of Country & Metropolitan Group, said: "We are delighted that we have finally received planning permission as this will enable us to continue with our strategy of 'creating communities'. It has become clear to us that Upper Rissington is an ideal location for mixed businesses, allowing people to live and work in close proximity within the new village we are creating.

"We have already opened the Cotswold Innovation Centre, which is encouraging young start-up businesses in the hi-tech field and we have been inundated with enquiries from companies wanting to take space for office-based purposes."


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