MBU Capital has secured council approval for its £50m redevelopment of Park Place in Stevenage.

Park Place GSA

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.

Park Place GSA3

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.”

Park Place GSA2

“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.”

Park Place GSA4

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.