Pathfinder Plots a Course for Newark Regeneration Scheme

LONDON-Pathfinder Properties has agreed to sell 2.7 acres of its 6.5 acre site in Northgate, Newark, Nottinghamshire to the housebuilder Westbury for £2.45 million ($4.3 million). The sale is subject to planning for 61 new homes. The move comes as the development of the rest of the site is gaining momentum.

The site is currently owned by two joint venture companies, Fletcher Gate and Newark Property Development, 75% owned by Pathfinder. Simultaneously, the Pathfinder joint venture will be submitting an application to develop 110 apartments and 4,100 sf of retail space on the river front part of the site opposite the Newark Marina.

And negotiations are also in an advanced stage for the sale of, and approval of the planning application on, the listed buildings on the third element of the site. These Grade II listed buildings, the former Warwick & Richardson Brewery, add considerable character and identity to this part of Newark and will be sensitively renovated and restored for leisure use, retail space and some residential accommodation.

Pathfinder says by splitting the site into three plots in this way, the joint ventures will achieve a mix of uses on the site providing diversity, economic activity and a marked upgrading of the environment.