National Grid Property secures major sale in deal brokered by BNP Paribas Real Estate

National Grid Property has concluded one of its biggest sales so far this year, with the disposal of a 7.6-acre former gasworks north of Church Way in Doncaster for an undisclosed price.

The site, located on the edge of the town centre close to Doncaster College, train station, Minster and the River Don, was marketed with the benefit of Doncaster Council’s Urban Centre Masterplan which supports residential-led mixed-use development. The site also benefits from a new spine road providing direct vehicular access from Church Way to the south.

The purchaser, Lazarus Properties, intends to work with Doncaster Council to deliver a suitable redevelopment of the site which compliments the Council’s aspirations for the town.

The sale to Lazarus Properties was on an unconditional basis but included overage provisions covering any future sale within five years. There were a number of complex matters to negotiate surrounding the sale, including restrictions on the future development of the site resulting from a number of underground services, a long lease relating to an onsite telecommunications mast and a number of other rights, covenants and obligations.

Alex Willis, Senior Associate Director in Development and Residential Consulting at BNP Paribas Real Estate, commented: “We are delighted to have been able to help National Grid Property find a buyer for its site in Doncaster. There were a number of intricate details to be negotiated throughout, but all parties worked hard to secure the sale and we look forward to seeing Lazarus Properties proposals for the redevelopment and reuse of this prominent site on the edge of Doncaster town centre.”

Nicola Slater, Portfolio Manager at National Grid Property, said: “The sale is a good result and we look forward to seeing this site brought back into use to assist with the regeneration of the area.”

Glyn Smith, Director at Lazarus Properties commented: “The National Grid site provides a superb opportunity for Lazarus Properties in our continued expansion within the North of England. We’ve worked closely with retained brands, local authorities and have a vision for various operational usages on the site in the future.”

BNP Paribas Real Estate acted on behalf of National Grid Property. Lazurus Properties were unrepresented.