Client: PSA Peugeot Citroen
Gerald Eve has advised Peugeot Citroen since the 1940’s, when the Company was initially known as Rootes, and subsequently, Chrysler. In the mid 1990’s, Peugeot asked us to prepare the ground for the potential closure of its 85-acre Stoke Works production facility.
In 2004 Peugeot made the operational decision to realise maximum value of the surplus land, whilst creating a substantial new headquarters, technical centre and training academy on part of the site.
The solution
Gerald Eve had already prepared the ground and had secured an amended planning policy in relation to the site and carried out significant work to remove risk areas.
After a controlled marketing exercise a conditional contract was entered into with Astral Parkridge at a fixed price to deliver the new headquarters complex and a phased withdrawal of the site once the headquarters development is complete.
Working closely with Astral's advisers, planning permission was secured for the site in just six months. In addition to Peugeot Citroen’s facilities, the mixed-use scheme included 1,700 homes, sports facilities, a local centre, offices, restaurants, shops and apartments.
Results
The site was sold for in excess of £35m, and Peugeot has retained occupation on 20 acres in a new 100,000 sq ft UK headquarters office, together with a 60,000 sq ft technical and training centre.
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