Somerset group to develop £200m programme

Property Week – 22 May 2008

Somerset-based property developer Abbey Manor has launched a new company to deliver a 1.25m sq. ft development pipeline over the next five years.

Abbey Manor Capital Partners (AMCAP), led by managing director Jason Mills, will deliver a development pipeline with an estimated end value of around £200m.

Mills, 34, who joined the company in September last year from London & Regional, where he was international development director, said the new company would look to merge with, and acquire, other companies as well as joint venturing on projects. ‘Our plan is to create one of the pre-eminent development companies in southern England,’ he said.

The AMCAP portfolio includes the Solstice Park business park near Stonehenge, a 12-acre mixed-use development at Firepool Lock in Taunton, and the 600,000 sq ft Bunford Park business park in Yeovil.

AMCAP’s first new deal is a joint venture with Summerfield Developments to develop the 390,000 sq.ft. Weston Gateway Business Park near Weston-Super-Mare. The deal links eight acres of land Abbey Manor owns fronting the M5 with 17 adjacent acres owned by Summerfield.

Mills and finance director Ian Bowker have a shareholding in the new vehicle which is backed by the Timmis family.