The new owners of a prominent site in central Newquay which has lain derelict for years, say they are looking forward to helping regenerate that part of the town.
The Spey Group, a Development and Investment Company, has purchased the former bus station site at East Street. The area known locally as the 'Chymbla' has remained untouched for more than 5 years despite the site being proposed for a £5 million retail and residential development by its last owners, London based Developers, Aedifico.
Aedifico even had Planning Permission for the project, which included 28 flats and 9,000 sq ft of retail area with underground parking. But due to the recession and the significant downturn in retail and residential demand, last July the company got into financial difficulty and, in bid to realise its assets, put the site up for sale at a competitive price of £650,000.
The Spey Group, which has projects throughout the UK and abroad, were involved with the prestigious Rocklands development of luxury apartments on Cliff Road in Newquay and owns the ground floor of building which is leased to Pizza Express.
Speaking about the Group's plans for its latest acquisition of the old bus station site, the Company's Director, James Simpson, says "it's very early days and we are considering all the options. Once we have a draft scheme worked up, we will be in a position to go public, but this is unlikely to be before July of this year. We are looking forward to working with the Council and the community to help to regenerate this part of Newquay town centre in the near future".
Our development Consultant, Terry Trevarthen, commented that whilst there was a substantial amount of interest in the site, many applicants had difficulty in obtaining funding for such a large scheme. He said "the sight has been an eyesore for many years and we are pleased that The Spey Group will achieve a result a good for Newquay".
For more information contact Terry Trevarthen on 01872 247004