Development Securities, in joint venture with Cathedral Group, today announces that it has secured a Resolution to Grant Planning for the first phase, residential element, of its £250 million mixed-use scheme, The Old Vinyl Factory in Hayes, Middlesex.

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The residential element comprises 132 apartments and marks the initial phase in the wider regeneration of the 18 acre site into a new commercial, residential and community hub. A revised masterplan for the entire site is in advanced stages of preparation prior to submission to the London Borough of Hillingdon.

The site was acquired by Development Securities and Cathedral Group for £16 million in April 2011 and currently contains over 700,000 sq ft of commercial buildings, yielding 5.5%.

(CD/DW)