POCHIN SECURES MAJOR SALE AT ITS GATEWAY SITE
Pochin Developments, part of the Cheshire based Pochin Group, has announced the sale of one of its key developments at its Gateway site in Crewe to an undisclosed major property consortium.
The transaction comes following a recent 30-year leaseback deal between Pochin and Manchester Metropolitan University, to provide a 790-bed purpose built student village at the site that will now be acquired by the investors.
The sale adds to the recent disposal of land by Pochin to JW Lees Brewery and Bannatyne Health Centres. Also included within the scheme is a leaseback deal to Travelodge for a 56-bedroom hotel as well as the lease of four retail units to an SPV owned by the Pochin Group - who has also retained four acres of land for future developments at the site.
Comments Pochin development director, Jim Nicholson: "We are delighted with this major investment deal which represents further progress within the Group's development activity. The value of the deal agreed with the consortium underpins the quality of the development and the mix of its occupiers."