The new venture launched by one of the city’s best known property figures has done its first deal just weeks after formally splitting from his previous employer.
Gary Taylor, who made his name delivering Brindleyplace, launched Altitude Real Estate LLP 10 weeks ago with business partners Stephen Tillman and Rob Bolton after all three announced they were leaving Argent earlier this year. Mr Taylor and Mr Tillman worked together at the developer and before that at Arup for more than 20 years while Mr Bolton worked for Argent for 18 months developing a residential land business.
The company, in partnership with real estate investor Resolution Property, has purchased the freehold of 80 acres of land set within the UK’s first eco town masterplan, at North West Bicester in Oxfordshire.
Housing developer, the A2Dominion Group, has an option to develop the site on securing full planning permission.
The site currently has been promoted for the first phase of the eco town and Cherwell Council passed a resolution to grant planning permission in August this year.
The application is for 394 residential dwellings, an energy centre, a community centre with three retail units including a convenience store, a post office, an eco pub and pharmacy, along with an eco-business centre, office accommodation and associated serviced infrastructure and landscaping. The overall aim of the eco town masterplan is to deliver 5,000 residential units across the whole site.
Nigel Robson, director at Resolution Property, said: “In partnership with Altitude, we have acquired an important development site in an area of recognised prosperity, compared with the UK economy as a whole. With strong backing from our equity fund, the development skills of Altitude and a good quality residential developer under option, the deal represents a great added-value opportunity.”
Mr Bolton added: “This is a significant project for us, not just because it is our very first deal, but because it completely hits the mark for our plan for investing in key development sites and opportunities across the UK. By working closely with the Resolution team, who we know well, completing the deal has been a fast track process which now allows us to immediately turn our attention to bringing forward this first phase of the North West Bicester Eco Town.”
As well as the eco town project, Altitude will continue to work on the project to transform Paradise Circus alongside Birmingham City Council and Argent.