Morley Street site sold
LOUGHBOROUGH 3M’s Morley Street site has been sold to a company which says it hopes to turn it into a housing and office development.
The science-based technology giant has announced it has sold the site to Leicester-based Solus Homes Ltd - a family run, privately owned construction company.
The terms of the sale have not been disclosed.
3M has occupied the historic former hosiery mill since the early 1950s, but earlier in the year announced that it is relocating 170 people based there to a leased office facility on Charnwood Campus in Loughborough in early 2018.
Mark Horsnall, owner of Solus Homes, said: “We are working alongside HSSP Architects, Melton Mowbray, in proposing a village-style design to create a new ‘Gateway into Loughborough’.
“Subject to planning permission, the scheme proposes a high class, mixed-use development of residential apartments and commercial offices, offering a ‘LiveWork’ environment with close links to Loughborough train station and town centre. A sympathetic upgrading of the mill building will tie in with the village concept.
“This is one of the most exciting projects that Solus Homes is involved in, creating new homes and employment for the future and underpinning what a fantastic place Loughborough is to live and work.”
He added: “We expect to submit planning applications before the end of the year, and anticipate that work will commence in summer 2018.”
Dave Hankin, team leader for regeneration and economic development at Charnwood Borough Council, said: “The 3M building occupies an important gateway for Loughborough town centre and the last thing we want is for it to be empty.
“It presents an exciting opportunity to create jobs and potential homes and I look forward to seeing proposals come forward. These will have to go through the usual planning process.”
The sale of the site was managed on 3M’s behalf by property advisors Cushman & Wakefield.
The relocation of staff to Charnwood Campus marks the first of a two-phase project to enhance 3M’s operations in town.
Phase two will see the relocation of its research and development laboratories, currently housed on the 3M Derby Road site, to Charnwood Campus.
Simon Holmes, country business leader for 3M’s Health Care Markets division, said: “The Morley Street facility has served us well for many years and we remain committed to Loughborough as the centre of our UK health care operations.”