Watford Council approves 100-home mixed use development

The development proposals for the 3.4 acre site, which currently comprises a mixture of office and industrial uses, includes the building of 107 new houses and apartments, office space and associated parking and infrastructure.

All office and industrial buildings on the site would be demolished under the proposals, with the exception of historic building Rembrandt House.

The plans propose refurbishment of Rembrandt House to provide office space. The remainder of the site would be redeveloped for residential use, which would comprise 12 residential blocks, four blocks of flats, one block of maisonettes and seven blocks of houses. A new access road would also be provided.

Development Securities said it is targeting projects with a three to three and a half year turnaround time, such as its Watford redevelopment.

"Recent planning gains are evidence of early progress being made in our strategy to invest the equity we raised in 2009 and 2010 in selected secondary assets which through repositioning and redevelopment can be delivered into the prime or near prime market," said Matthew Weiner, executive director of Development Securities.

Watford Council's planning officer recommended the project for approval last week, in the Council's Committee Report.

Development Securities acquired the investment property in January 2011 for £4.25 million. The planning permission is subject to the signing by the developer and the Council of a section 106 agreement.

A section 106 agreement is a legally binding agreement under the Town and Country Planning Act 1990 which allows a local planning authority to agree planning obligations with a developer in order to mitigate the impact of development and make it acceptable in planning terms.