Miller Developments Delivers Results in First Quarter

Miller Developments has kick started the first quarter of 2011 with three significant deals underpinning its strategy of focussing on UK development.  The first three months have seen the company purchase two sites and provide development finance for another project.

In Linwood, outside Glasgow, the company has purchased a 120 acre site from the receivers of Mountgrange.  The site, home of the former Hillman Imp factory, already has mixed-use planning consent; however its redevelopment is under discussion with the local authority.

 Purchased from receivers MCR, The Grafton Centre, Altrincham, will undergo a £10m redevelopment which will see the provision of larger retail units and a new 100-bed Travelodge Hotel.

 Phil Miller, Chief Executive, Miller Developments, said: “Development is what we do and we have a strong track record in the UK of purchasing sites with or without consent and using our development expertise to make it happen.”

 Development finance has also been provided for an 85,000sqft industrial unit in Gainsborough which has been pre-let to Paragon Flexible Packaging Limited for 20 years.  Works have already commenced and the unit will be complete later this year.

 Phil Miller continued: “We are focused on the UK marketplace and in particular small scale projects where we see good opportunities with occupational demand which are being held back by a lack of development finance.  We can provide mezzanine finance or equity to other developers or carry out the development ourselves.”

 Ends