Fifth Capital have told us that they have a “controlling interest” in the Carriageworks and Westmoreland House site. But what does this mean?
The freehold of the site is still owned by Comer Homes, as it has been for over 25 years.
We understand that in the Autumn 2013 Comer Homes sold an option to Fifth Capital. We understand that the option says that if they can secure planning permission by early 2015 then Comer will sell Fifth Capital the site for a rumoured £5m.
As freehold owner, Fifth Capital would then be able to redevelop the site itself (subject to planning permission) and or sell it on to another company. Equally, it could just sit on the derelict site for many years.