A partially completed residential development near Bath has been sold for close to £1m.
Freshford Mill is a planned scheme of 26 homes on 5.82 acres, set within landscaped grounds on the banks of the River Frome in Somerset.
The development was sold by Watling Real Estate, acting as joint agents with investment firm Gordon Brothers, to SRM Assets.
Freshford Mill is a group of derelict mill buildings that are being converted into family homes and flats, offering high-end contemporary country living.
Planning permission was obtained to convert the historic buildings - once a wool mill and later a rubber factory until 1995 - into residential use in the early 2000s, but the initial developer went bust in the 2008 financial crisis.
Chris Davies, from the Bristol office of Watling Real Estate, was appointed jointly with Ben Lovell of Gordon Brothers by the fixed charge receiver on the development to find a buyer for the second phase of the scheme.
Mr Davies said: “The first phase of 10 properties was completed by the receivers and all the units were sold off in 2019. Phase 2 is part-built with implemented planning consent for 16 units, consisting of a mix of new build and conversion of the existing historic mill buildings.
“The site has been under the control of the receivers for several years, following a period of uncertainty for the historical site.”
Mr Davies added said the second phase of the scheme had an estimated gross development value in excess of £13m. "It is anticipated there will be strong demand for the finished development once completed," he added. “Phase 2 offers a truly unique development opportunity for the purchaser, following on from the success of Phase 1."
Watling Real Estate were joint agents with Gordon Brothers. C Squared Real Estate LLP advised the purchaser and JMW Solicitors acted for the vendor.
Watling Real Estate was created in June 2023 by a management buyout of the real estate restructuring division of Avison Young. The business is headquartered in London with a network of offices in Birmingham, Manchester, Leeds and Bristol.
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