Urban&Civic clinches deal on third parcel of land at Rugby

Urban&Civic announced on Monday that contracts have been entered into with Crest Nicholson Holdings on a third parcel of infrastructure land at RadioStation Rugby, Warwickshire, owned jointly with Aviva Investors.

The London-listed firm said the exchange followed agreements with Davidsons Homes and Morris Homes earlier this year, with the 12.5 acre land parcel including consent for up to 205 residential plots to be developed under licence.

“Urban&Civic and Aviva Investors have now contracted on 625 plots across 45 developable acres at Rugby,” the company’s board said in a statement.

“Crest Nicholson are expected to commence construction in early summer 2017.‎”

At the same time, Urban&Civic announced the exchange of an unconditional contract with Invesco for the disposal of its foodstore on the outskirts of Herne Bay, Kent, which has been let but not yet occupied by Sainsbury's.

“The sales price represents a £3.3m premium to EPRA value.”

At 1615 BST, shares in Urban&Civic were up 0.62% at 223.38p.