June 30, 2009
Salmon Harvester Properties, the joint venture between Salmon Developments and NFU Mutual, has exchanged contracts with ING to acquire a mixed use development site in King Street, Maidenhead.
Salmon Harvester proposes to develop a 96 bed hotel for Travelodge together with a restaurant,; the scheme has an end value of £8m approx.
An outline planning application is due to be submitted shortly with work expected to start later this year subject to approval.
This is the second purchase by Salmon Harvester in as many weeks and follows its recent proposed £40m mixed use scheme in Leigh.
Philip Skottowe Development Directordevelopment director of Salmon said: “The development will help with MaidenheadsMaidenhead’s regeneration and address the current under provision of hotels in the town.
This purchase is in line with our current strategy to increase our development portfolio by undertaking selective acquisitions with good redevelopment and pre letting potential.”
Salmon Harvester was represented by DTZ and ING by Strutt and& Parker.