Greenalls pulls site sale as credit crunch bites

2:21pm Monday 4th August 2008

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THE sale of a prime housing development on the site of the former Greenalls distillery has been postponed as the effect of the credit crunch hits town.

Despite finally gaining planning permission for a housing estate to be built on the Loushers Lane site, the sale has been put back at least a year G&J Greenall have already left the area, which was decimated in a major fire in 2005, to open in Risley.

The company instructed the Manchester office of leading global property agent Knight Frank to market the development opportunity to housebuilders throughout the UK.

John Broadbent, partner and head of residential development at Knight Frank Manchester, said; “Given the setting of the site and the established residential market in Stockton Heath which borders the site, we are confident that we will be able to conclude a sale once things recover fully over the course of the next 12-18 months.

“The area lends itself very nicely to a family development with plenty of public open space in the locality and also the close proximity to Stockton Heath village.”

G&J Greenalls were successful in a planning application which will allow 195 family homes and 60 bedrooms for the elderly.

Michael Bibring, director at G&J Greenalls, said: “Having assessed the current market, we feel there is no rush in trying to sell this site and would rather withdraw it from the market until there is a positive change.

“This site offers a great development opportunity and we expect a sale once the market has recovered.”