14 December 2015
Telereal Trillium has sold Sovereign House, the prominent vacant office building in Hertford to retirement housebuilder McCarthy & Stone.
The site comes with planning consent secured by Telereal Trillium for demolition and redevelopment from office to residential use.
Sovereign House, off Gascoyne Way, was marketed by Savills Cambridge-based development team on behalf of owners Telereal Trillium for offers in excess of £6 million. The 1960s’ office block, which occupies about an acre of land, has been lying vacant since the last occupants, HM Revenue & Customs and the County Court, vacated in 2009, and a nursery school in 2012.
Tom Fraser of Savills, who handled the sale, comments: “I understand a planning application will be submitted shortly by McCarthy & Stone for a retirement-led development. The existing building will be demolished to make way for a purpose-built scheme. It’s great news that the future of this high-profile site has now been settled given the prominence of the building and how long it has been vacant.”
Graeme Hunter, Group Property Director at Telereal Trillium said: “We’re very pleased that the site has been purchased for redevelopment, providing the needed regeneration of the site at the end of its useful life as an office block, and adding to the provision of new homes in the Hertford and wider area.”
Ali Maruf, Regional Managing Director at McCarthy and Stone, said: "We are very pleased to be progressing plans for our first development in Hertford and believe this is a great opportunity to redevelop a currently derelict site with high-quality retirement apartments. The site has remained vacant for several years and its redevelopment will help address a demand for specialist housing in Hertford. We have received positive feedback on our early proposals from the local community as well as strong early sales interest and we continue to welcome further feedback before the submission of a planning application in the new year."
"This proposal forms part of McCarthy & Stone’s wider growth plans which include an increase in targeted investment in land and build to £2.5 billion over the next four years."