Resi plans inch forward at key York site
JLL is seeking a developer to deliver homes on part of the former gasworks at Heworth Green, while Savills is looking for a funder for a BTR project on the site’s remainder.
Slightly more than 600 apartments were given outline consent in 2020 across the Layerthorpe development site, which is broken down into three zones. The site is around 1km north-east of York city centre, close to the city walls.
Advisory firm Moorfields was appointed as administrator to Heworth Green Developments Ltd in August 2023, HGD bring a vehicle set up to buy and develop the site, on the south side of Heworth Green, Layerthorpe.
Silbury Speciality Finance is a secured creditor, being owed £28m at the time of the administration.
Moorfields has now instructed JLL to find a developer that will take on Zones A and C to deliver a high-end residential development of 215 homes. JLL launched to market in early August, and is seeking offers up to 10 October.
As set out in Moorfields’ administrator’s report, these will be apartments, in four four-storey blocks, with 115 car parking spaces.
Moorfields understands that half of the deposits of 20% paid for off-plan sales are held in escrow, and the other half is protected by a security trust deed. At the date of the administration, Silbury was owed £28m, and is expected to suffer a shortfall. There is little chance of unsecured creditors recouping anything.
As for Zone B, Caddick Group’s private rented sector brand Moda Living intends to deliver a 392-apartment scheme, which will come with amenities including a 24-hour gym, cinema room and private dining.
Fuse Studios designed the scheme, which was greenlit in 2022. Now a funder is required. Savills has confirmed to Place Yorkshire that it has been appointed, and marketing has begun.
As outlined in the Moorfields update, the joint administrators have concluded that progress at Heworth Green is best achieved by completing remediation works, thus giving developers a clean slate.
To that end, Ellmes, incumbent development manager, has been retained to oversee the completion of remediation, a £3.8m package of works that is expected to be finalised by October this year. Silbury will fund the remediation.
