MBU Capital has secured council approval for its £50m redevelopment of Park Place in Stevenage.
The £50m scheme will comprise 202 apartments and 22,000 sq ft of high-spec retail space, transforming a former office building into an enhanced retail, residential and leisure complex as MBU Capital looks to help meet the increasing national demand for good quality housing at affordable prices.
Following a unanimous decision by Stevenage Borough Council, MBU will also provide funds for further local facilities outlined in Park Place’s section 106 agreement.
Ajaz Ahmed, managing partner at MBU Capital, said: “We are delighted to have secured planning permission for the Park Place development, which we believe can play a major role in regenerating and transforming the town centre in Stevenage as well as helping to deliver a broader range of social and economic benefits to the local community.”
“This is a significant project that will improve the living standards and demographics in Stevenage and draw further investment into the town centre. We see Park Place as a model illustration of the type of project that we are trying to replicate and roll out as part of our regional investment strategy for residential developments.”
Off-plan sales have seen 20% of the 101 apartments to be built in the first phase having already been sold within a few days and MBU expects continued strong demand for all 202 units.