Town’s £15m boost. Property firms last minute offer saves threatened project
Walton's town centre’s redevelopment plans have been boosted after a major property firm took over the project in an 11th hour deal.
The Herald reported last week that Shearer Property Group was on the verge of paying Frogmore developments £15m to take over the scheme. But London based O&H group made an undisclosed better offer just before pen was put to paper.
It sealed the deal after 24 hours of intense negotiations on Wednesday last week and now controls the destiny of the 360,000 sq ft site, off New Zealand Avenue.
O&H spokeswoman Annette Dalah said: "It is very exciting. O&H is committed to delivering in the shortest time possible, with the support of the council."
She claimed O&H had an impressive track record for major building projects. It is currently constructing 8,000 homes in Hampton, Peterborough, under a scheme which it believes is the largest private development in Europe.
O&H is also at the forefront of projects in Bedfordshire, Colchester and Hammersmith.
Frogmore bought the lease for the land in the mid-1990s and built the Sainsbury's store in November 2001. The firm subsequently shut down several shops which have been increasingly targeted by vandals.
It secured planning permission for a new shopping centre, health centre, library and 268 flats, including 67 affordable homes, earlier this year, but suffered a string of setbacks. O&H plans to stick to Frogmore's blueprint.
Frogmore's managing director Paul White said "We are delighted the scheme Walton has always wanted is a step closer. It is really good news for Walton."
After discovering Frogmore had sold, Walton Retail Guild chairman, Peter Myson said: Thank goodness for that. I'm utterly relieved to see that back of them."
Elmbridge Council's chief executive, Mike Lockwood, said the new developments were to be discussed at a full council meeting tonight (Wednesday). He added: "We look forward to working with O&H to take the long awaited scheme forward as quickly as possible."
Source: Walton and Weybridge Informer
The Herald reported last week that Shearer Property Group was on the verge of paying Frogmore developments £15m to take over the scheme. But London based O&H group made an undisclosed better offer just before pen was put to paper.
It sealed the deal after 24 hours of intense negotiations on Wednesday last week and now controls the destiny of the 360,000 sq ft site, off New Zealand Avenue.
O&H spokeswoman Annette Dalah said: "It is very exciting. O&H is committed to delivering in the shortest time possible, with the support of the council."
She claimed O&H had an impressive track record for major building projects. It is currently constructing 8,000 homes in Hampton, Peterborough, under a scheme which it believes is the largest private development in Europe.
O&H is also at the forefront of projects in Bedfordshire, Colchester and Hammersmith.
Frogmore bought the lease for the land in the mid-1990s and built the Sainsbury's store in November 2001. The firm subsequently shut down several shops which have been increasingly targeted by vandals.
It secured planning permission for a new shopping centre, health centre, library and 268 flats, including 67 affordable homes, earlier this year, but suffered a string of setbacks. O&H plans to stick to Frogmore's blueprint.
Frogmore's managing director Paul White said "We are delighted the scheme Walton has always wanted is a step closer. It is really good news for Walton."
After discovering Frogmore had sold, Walton Retail Guild chairman, Peter Myson said: Thank goodness for that. I'm utterly relieved to see that back of them."
Elmbridge Council's chief executive, Mike Lockwood, said the new developments were to be discussed at a full council meeting tonight (Wednesday). He added: "We look forward to working with O&H to take the long awaited scheme forward as quickly as possible."
Source: Walton and Weybridge Informer
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