A development site in Warwickshire with planning permission for 850 homes to create a sustainable urban extension has been sold in a major eight-figure deal, with Fisher German acting on behalf of the landowner.
The land at Callendar Farm, in Nuneaton, has been sold to Taylor Wimpey and Jelson Homes in a deal which includes more than 200 affordable homes - and was completed despite the Covid-19 crisis.
Partner Luke Brafield, usually based in our Ashby office but currently working from home, acted on behalf of the landowner and confirmed the development will also provide millions of pounds worth of contributions towards local services and amenities.
He said: “The sustainable plan for the site includes a local centre, new primary school and more than £14 million in contributions to open space, sport and recreation, highways improvements, education, police infrastructure and healthcare for the local community.
“With Nuneaton located between Birmingham, Leicester and Coventry, the site will provide much-needed housing stock in the heart of the Midlands for families and commuters, including 212 affordable homes.”
The sale comes three years after Phase 1 was sold to Jelson Homes in a deal with planning permission for 150 homes, of which 25 per cent will be affordable housing. Our development team advised on the disposal strategy and sale of all three phases and was able to secure the deals on behalf of the landowner despite political and economic certainty being a common theme throughout.
Luke added: “When we completed on phase 1 in 2017, Brexit was a concern for both developers and landowners but we were confident this development site in Nuneaton would be a valuable and sustainable addition for the local community.
“Of course, completion of the sale has taken place right in the middle of the Covid-19 lockdown, so it is extremely positive that we have not only completed on such a large site but also achieved an extremely good price for our client.
“The industry as a whole is experiencing uncertainty, but we were able to provide strategic advice to the landowner and devise a suitable process which helped us to secure the sale. We look forward to seeing the site develop under Taylor Wimpey and Jelson Homes in due course.”
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