Following the unconditional acquisition of an industrial brownfield site funded out of equity, three years of risk assessments and the green light from the Massy local authority, this mixed development scheme became a reality in a fast-changing area of the town.
End 2014. Gripped by a crisis that was having a major impact on its business, the CGG Group (a leading provider of geoscience services) decided to sell the land occupied by its former head office. This 1,6 hectares industrial brownfield site is central to an area of the town that is changing dramatically and very quickly, but where any new project requires dozens of permissions and approvals before it can take shape. But that was no problem for our teams, who pressed ahead to acquire the land unconditionally for €6 million funded out of equity. All that remained then was to convince the local authority of the merits of an initial mixed development scheme that would meet real local needs, including a B&B hotel, student housing and 106 apartments sold on to Vinci. Bingo! Massy says yes! That green light vindicated the three years of work already carried out on assessing the technical, official (changes to the Local Development Plan, planning consent, construction permits, etc.) and commercial risks. So, what happened to the rest of the land? It was sold on to Nexity for the construction of around 100 apartments with a commitment to high-quality architecture and eco-credentials.
The hotel, which is rented by B&B, has 120 rooms and many facilities, including a bar and a car park. Its location, just a few minutes from the Place du Grand Ouest, the TGV/RER station and at the foot of the tramway, is ideal to take part in the already well-established dynamism of the town of Massy.