MCR Property Group has purchased Leigh Court, High Wycombe, for a guide price of £9.5 million. The collection of commercial and residential buildings, which occupy a site area of circa 2.5 acres, has pre-approved planning in place.
Leigh Court has been vacant for 25 years and MCR Property Group has been carefully selected by the vendor, when the original sale fell through, due to its expertise with developments of this nature.
Once complete, the development will boast 228 one and two-bedroom apartments as well as commercial space, and will be developed in three phases with a warehouse initially followed by two new builds, which will be brought to the market by Regency Residential in April.
Located close to the shops and amenities of High Wycombe town centre and approximately one mile from High Wycombe Station with direct links to London, Leigh Court on Leigh Street will be a fundamental development in High Wycombe adding to the regeneration of the area.
Chris Taylor, fund manager at MCR Property Group, said: “In recent years, High Wycombe has undergone wide regeneration, with investment in new residential and commercial buildings taking centre stage. Leigh Court is a landmark mixed use development that we expect to completely regenerate the local area.
“With its excellent links to the capital, High Wycombe is a town that is attracting major investment, and our redevelopment of Leigh Court will support and aid this growth. We’re already in conversation with other local land owners as we’re keen to invest further in the area.”
Leigh Court adds to MCR Property Group’s strong commercial and residential portfolio of more than 100 key assets, including over 30 office developments, 3 million sq. ft. of industrial space and 2500 residential developments.
MCR Property Group secured the site from IDM Properties, the agent acting on behalf of the vendor.
Matt Richardson, from IDM Properties, concluded: “The redevelopment of Leigh Court will dramatically enhance and bring life to this part of High Wycombe, helping to meet the town’s ever-increasing demand for high quality, high specification housing and we are delighted to be making the sale to an operator who will deliver an exceptional product.”