Posted on April - 23 - 2010
Alard’s Leigh plan gets go ahead
Former Swinton Insurance boss Brian Scowcroft has returned to the commercial property market four years after his last major deal.
His Alard Properties has won planning permission for a 25-acre mixed-use development by the Bridgewater Canal close to Leigh town centre.
The move comes 10 years after Alard Properties bought the site. Mr Scowcroft has been keeping a low profile in the property market since the market peaked in 2006.
Mr Scowcroft, 54, sold Swinton Insurance to Sun Alliance in 1998 for £130m and has since built a second career in property investment.
His personal fortune is rated at around £165m, making him one of the 20 richest people in the north west.
The Leigh scheme, to be known as Bridgewater Place, will involve commercial and residential development following a decision by Wigan council.
The masterplan, prepared with Taylor Young, includes 103,000 sq of offices, up to 320 homes, workshops and enterprise units and 6,500 sq ft of small shops.
The project will make use of the site’s canal frontage to create a family-friendly area and will incorporate areas of open space and landscaping.
Mr Scowcroft was among those who pulled back from the commercial property market at the height of the boom.
His last major deal was in 2006 when BK Scowcroft Trusts sold the 350,000 sq ft Crossley Park Industrial Estate, in Heaton Chapel, Stockport, for £12m.
Crossley Park was his first major commercial property buy and formed the basis of a property portfolio that covered more than 3m sq ft and stretched from Stockport to Carlisle.
Tony Goddard, chief executive of Alard Properties, said: “We are delighted to receive wholehearted approval for our proposals for Leigh and look forward to initiating the next stage of the process.
“However, this does not mean that our existing tenants need to vacate their premises overnight. These projects take time and we intend to fully discuss the timescales with our current occupiers and work with them to arrange a managed move to a suitable alternative.
“These proposals, whilst transforming this ageing part of town into a modern, vibrant commercial and residential area, will also provide the opportunity for a local school to expand following our donation of extra land.”
Gary Halman, Partner at HOW Planning and an adviser on the project, said: “This is a great scheme which will significantly contribute to the ongoing regeneration of the area.
“Approval of the masterplan is a major step forward for Alard Properties who will be investing heavily in the area to create a thriving new community.”
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