Letchworth Garden City Heritage Foundation is pleased to announce the completion of the sale of Green Lane 3 Three Industrial Estate. The estate was purchased in a joint venture between Colmore Capital and Stanhope Capital LLP. Colmore Capital manage over £150m of real estate throughout the UK, having enjoyed strong and continuous growth since their founding in 2016. Stanhope Capital are a global investment firm providing asset management and advisory services to private clients, corporations and non-profit organisations around the world. This sale therefore is a strong indicator that placemaking initiatives are working and that Letchworth Garden City is regarded as a strong economic proposition for businesses.
The sale marks a significant positive step forward for the Heritage Foundation, who earlier this year launched “Strategy 2028”, detailing their strategic aims for the coming years.
Graham Fisher, CEO of Letchworth Garden City Heritage Foundation said: “Strategy 2028 focuses strongly on improving financial resilience and includes the sale of some of our property assets. We’re pleased to have completed this sale and that the new owners intend to invest and refurbish the space to create something new for business in the town. I’d like to say thank you to the occupiers at Green Lane 3 Industrial Estate for all their help during the sale process, and for their contributions as a part of our portfolio over the years.”
Kerry Kyriacou, Executive Director of Regeneration for Letchworth Garden City Heritage Foundation said: “As custodians of the Garden City, we’re constantly looking at opportunities for regeneration that leads to improvements to the area. As well as making a financial impact, this type of sale helps us to meet our commitments of improving our buildings and ensuring our property portfolio is fully EPC compliant. We expect this sale to lead to some exciting regeneration at the north of the town and look forward to seeing it thrive.”
The sale will enable the Heritage Foundation to continue reinvest into the town and into ethical listed investments in order to deliver against their charitable objects. You can find out more about the way the Heritage Foundation reinvests through its “value capture model” at https://www.letchworth.com/what-we-do/how-were-funded
Letchworth Garden City Heritage Foundation were advised on the investment disposal by Strettons Chartered Surveyors and Clarke Willmott LLP for legal advice.
