Planning application for Keighley site submitted (9162K)
July 25 2011 - 1:20AM
UK Regulatory
TIDMWRN
RNS Number : 9162K
Worthington Group PLC
25 July 2011
For immediate release 25 July 2011
Worthington Group Plc ("Worthington", "the Company" or "the
Group")
Planning application for Keighley site submitted
The Board is very pleased to confirm that we have submitted a
planning application to Bradford Metropolitan Council for a mixed
use development for our Keighley site. As is normal with a
development on this scale, we have worked closely with the planners
to draw up what we hope will be an acceptable scheme. The
application covers the development of an hotel, a cinema complex,
retail outlets, industrial units and residential use. The Directors
believe, having consulted with their professional advisers, that
the anticipated development costs will be approximately GBP30
Million and produce a significant return for the Company.
We are currently in discussions with various potential tenants
and occupiers and hope that these discussions will lead to formal
Heads of Terms and ultimately Agreements to Lease which we believe
could effectively underwrite the development costs.
Once we have secured planning permission we will be better
placed to determine how we should proceed. We will consider seeking
funding to undertake the development ourselves in its entirety or
in stages, each phase potentially funding the next part of the
development or consider if we should seek an experienced joint
venture partner to take the project forward. We may also seek to
sell the site outright with the benefit of planning permission and
potentially funding and use the funds to pursue other
opportunities.
We will today post a copy of the block plan of the proposed
development on the company's web site at
www.worthingtongroupplc.co.uk
Enquiries:
Anne Aylesbury, PD Cosec Limited, Company Secretary, 020 8940
0963
Roland Cornish, Beaumont Cornish 020 7828 3398
Website: www.worthingtongroupplc.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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