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Mayflower Halls To Soon Set Sail

A new deal between developer the Terrace Hill Group and Legal & General Property should lead to the rapid redevelopment of the Mayflower Plaza site in Southampton.

The Mayflower Halls development has been worked up by Terrace Hill since they purchased the site in 2007 with the entirety of the project now pre-let to the University of Southampton for student accommodation and supporting uses such as a café and gym.

The deal sees Legal & General not only purchase the site from Terrace Hill but also forward fund it with an undisclosed sum. Although specialising in supermarket sites, this has been a long-standing business tactic of Terrace Hill who buy potential plots, redevelop them and then sell them on acting as the development manager in the process.

With the project having received planning permission from Southampton City Council this July, construction is due for a rapid start in time for a 2014 finish to make it available for the 2014/2015 academic year. Due to the site having been vacant since the mid 1980s, completion of the scheme will end one of the longest development sagas in the city.

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Mayflower Halls

Mayflower Halls