EFD Eatonfield

 

TIDMEFD 
 
RNS Number : 0274D 
Eatonfield Group plc 
25 November 2009 
 

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| For immediate release                      |                     25 November 2009 | 
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Eatonfield Group plc 
("Eatonfield" or "the Group") 
(AIM: EFD) 
 
 
Eatonfield secures interest in option to acquire 265 acres 
 adjacent to Corus Rail Site, Workington, Cumbria 
 
 
 
 
 
 
Eatonfield Group plc, the commercial property developer, is pleased to announce 
that it has secured a 50% interest in an option to acquire 265 acres of land 
situated immediately to the north of the 77 acre Corus Rail Site already owned 
by the Group.  These two sites together create one of the largest brownfield 
regeneration schemes on the northwest coast. 
 
 
Allerdale Borough Council and Cumbria County Council, current owners of the 
site, have granted an option, exercisable by December 2010, to Port Derwent LLP 
("Port Derwent") to acquire the site at its pre-planning valuation. Eatonfield 
has now made the final payment under an agreement with Port Derwent, such that, 
following exercise of the option, the site will be acquired by Port Derwent 
Workington Limited, a company in which Eatonfield and Port Derwent will be equal 
shareholders. 
 
 
Knight Frank LLP has been appointed as lead and planning consultant and, 
alongside Eatonfield's in-house architects, is preparing a master plan which 
will culminate in the lodging of two outline planning applications by Easter 
2010. 
 
 
The master plan for the option land will include a marina and associated 
facilities, residential development, including town houses and apartments 
overlooking the marina and the historic town quay. In addition, within the 
scheme, it is proposed that there will be restaurants, two hotels, associated 
conference and leisure facilities, together with retail, offices and a visitor 
centre. It is expected that this development will commence in late 2013. 
 
 
In accordance with Cumbria's vision for Britain's Energy Coast, the development 
plans for Oldside, which forms part of the Corus Option Site, will 
provide sustainable energy generation from a biomass power station, a waste 
recycling plant and wind turbines. 
 
 
Eatonfield has already been granted outline planning consent, subject to signing 
a Section 106 agreement, to redevelop the adjacent 77 acre former industrial 
Corus Rail Site.  Demolition has now been completed on this site and development 
is due to commence in 2012. 
 
 
Along with various Government Strategy & Regeneration bodies such as the, West 
Cumbria Vision Board and the North West Regional Development Agency, Allerdale 
Borough Council's  Director of Partnerships & Community, David Martin, has 
welcomed this potential investment in West Cumbria. 
 
 
 
 
 
 
Rob Lloyd, Eatonfield's Chief Executive, commented: 
"These development projects clearly underline our commitment to play an active 
role in large scale regeneration in the UK and fully endorse our strategy of 
realising land value via the planning process.  Securing the option over 265 
acres, alongside our existing 77 acre Corus Rail Site on which outline planning 
permission has already been granted, gives Eatonfield a very exciting 
opportunity to create significant value.  We look forward to being part of the 
strategy to further enhance the area, through inward investment, job creation 
and the development of a thriving community. ". 
 
 
   David Martin added "The Borough Council would welcome the  master plan  as 
part of  a transformational vision of Workington, ensuring Workington is at the 
centre of the revival of West Cumbria." 
 
 
For further information, please contact: 
Eatonfield Group plc 
Paul Williams, Executive ChairmanTel: (+44)(0)1829 261910 / 07767 471733 
Rob Lloyd, Chief Executive Officer     Tel: (+44)(0)1829 261910 / 07802 544438 
 
 
Evolution Securities 
Joanne Lake/Peter Steel                 Tel: (+44) (0) 113 243 1619 
 
 
Orbis Equity Partners Limited 
Jeremy King                             Tel (+44) (0)203 137 1904 
 
 
Buchanan Communications 
Jeremy Garcia/Christian Goodbody   Tel: (+44) (0) 207 466 5000 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCDZLFLKFBEFBF 
 

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