The redevelopment of the former Rose and Young site, in Caterham, has taken a major step forward following the exchange of legal contracts between Coplan Estates and Premier Inn, to provide a 107 Premier Inn Hotel and a 7,300 sq. ft. Beefeater Restaurant.
Coplan Estates, the preferred developer for the site, is now in the process of preparing the planning application for the site, which should be submitted in early 2016.
If the current owners of the site do not agree to sell the site to Coplan Estates, an agreement is also in place for Tandridge District Council to use its Compulsory Purchase Powers, to buy the site.
Colin McQueston, Director of Coplan Estates said: “We are delighted to have signed these two key legal agreements, which represents a significant step forward towards the long awaited development of this site. To have these agreements secured within three months of our appointment as development partner for this site, demonstrates the commitment from all parties to deliver this project as quickly as possible”.
Councillor Jane Ingham, Chairman of the Rose and Young Working Group said: “This shows excellent progress on the plan to improve Caterham Town Centre and to return this site and this area of the town to a viable business location”.
Louise Woodruff, Acquisition Manager for Premier Inn said, ”We are pleased to be working with Coplan Estates to bring forward our proposed 107-bedroom Premier Inn Hotel and Beefeater Restaurant in Caterham. A new Premier Inn would deliver £12m in fresh investment, as well as creating 40 new year-round jobs and attracting more visitors to the local area”.