Real estate regeneration firm U+I has secured planning approval for a £200m development on the Tunbridge Wells in Kent, UK.
The project, known as Kingstanding, is expected to transform 30 acres of unused land near Tunbridge Wells into a thriving new business community.
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As per the plan, U+I will develop an area of nearly 800,000ft² of flexible warehouse and office accommodation which will include a café and other essential amenities for occupiers. The project will be centred around a parkland landscape and a water feature.
U+I chief development officer Richard Upton said: “U+I is now a step closer to unlocking the potential in this unused greenbelt land just outside Tunbridge Wells town centre as a thriving new business destination and community space, with nature and wellbeing at its heart.
“With demand for office and industrial space far outstripping supply, Kingstanding will attract firms from a range of backgrounds to a workspace inspired by the outdoors and fit for the modern era. It will create over 4,000 new jobs, stimulating significant economic growth.”
U+I said that it is in discussions with the landowner and with a potential occupier for a significant part of the scheme.
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By GlobalDataThe project could bring some initial land improvement and development profits for U+I in the financial year 2021.
Last month, the company had secured £23m in funding for its Mayfield in Manchester from the UK government’s £900m Getting Building Fund.
The funding primes the first phase of Mayfield for delivery, so that work can start on Manchester city’s first public park in the last quarter of this year.
The first phase of the £1.5bn scheme also includes a nine-storey, 75,900ft² office building, a 13-storey, 244,000ft² office building and a 581-space multi-storey car park in Manchester.
Construction on the first buildings is expected to be completed in 2022.
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U+I secures permission to develop business community in Kent. (Credit:U and I Group PLC.)
