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19.06.2006
PSA Peugeot Citroën has announced the completion of the agreement for the redevelopment and regeneration of its 83-acre Stoke Works Site in Coventry with Solihull based developer, Astral Parkridge and its partner George Wimpey.
The masterplan for this major mixed-use scheme includes up to 1,700 houses, sports facilities, a local centre comprising offices, restaurants, shops and apartments and the realignment of Humber Road.
PSA Peugeot Citroën will relocate to a new 110,000 sq ft corporate headquarters building and a 60,000 sq ft technical centre and dealer training academy positioned on the southern section of the site ,representing major new investment into their sales, marketing and after sales operations.
Neil Parsons, PSA Group Property Manager, commented “The area had been earmarked for regeneration and improvement and this scheme, which will be delivered by Astral Parkridge, addresses all the objectives we identified with the City Council. It also provides PSA Peugeot Citroën with a state of the art corporate HQ and technical centre”.
PSA Peugeot Citroën was advised by property consultants, Gerald Eve on development consultancy, planning and relocation issues.
Graham Bates, partner and head of Gerald Eve’s planning and development department added, “It’s taken considerable commitment and determination to take the scheme through the necessary negotiations, planning and development process. This sale and leaseback, represents a major investment in Coventry by PSA Peugeot Citroën and we are delighted that the deal is finalised and work has now started on site.”
Richard Ludlow, partner and head of agency at Gerald Eve’s Birmingham office, commented “This transaction is probably the most significant deal to have taken place in Coventry over the past few years. To support the successful regeneration of the site, we’ve also advised PSA Peugeot Citroën on what is probably the second most significant deal in Coventry – the relocation of Gefco from the Stoke site to its new 229,000 sq ft logistics premises at ProLogis Park”.
Astral Parkridge has appointed Sisk as the contractor and work will commence on the Peugeot office building and technical centre this month, with completion in 2007 and final staff transfers to the new buildings taking place in 2008.
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