75 new rental homes are set to be built in Mansfield after Wise Living acquired the former Mansfield Brewery site for its build-to-rent (BTR) portfolio.
This key town centre site, which is located just off Littleworth, is one of the first to be secured by Wise Living, a venture financed by specialist asset manager London ICG-Longbow, working alongside delivery partners the Nottingham-based property experts SDL Group.
The four-acre brownfield site has been vacant since the brewery closed in 2002, with the buildings on the site bulldozed and cleared in 2008.
Wise Living now plans to transform the area with 75 predominantly two and three-bedroom high quality family homes, which will contribute to the growing demand for rented housing in the town.
An application for outline planning permission is set to be submitted later this month, with construction set to commence in the autumn and the first homes expected to be available to rent in spring 2019.
The scheme has the backing of Mansfield District Council, which is keen to develop the site as part of a wider strategy of regeneration and raising the image of Mansfield as a ‘good place to live, work and visit’.
Executive Mayor of Mansfield Kate Allsop said: “The sale of the former Mansfield Brewery site to Wise Living is great news for the town.
“This is a key brownfield site that has been out of use for many years and we are delighted that it is to be given a new lease of life with much-needed, high quality new rental housing.
“Wise Living’s plans will play a major role in regenerating this part of the town and will contribute to the growing demand for rented housing in the town.”
Martin Wheeler, Co-Head of ICG-Longbow, said: “This site is a great example of the Wise Living strategy in action – the redevelopment of a site that has laid vacant for over fifteen years with modern, high quality, accessibly priced housing, which will be available to rent to local families in little more than a year.”
Andy Deller, Group Strategy Director at SDL Group, added: “We are delighted to be working with ICG-Longbow on this project, which will give tenants the chance to move away from older rental houses into brand new, professionally-managed properties, all built to a high standard.
“This landmark site occupies a prime location close to the town centre and key local amenities and we expect a high level of interest in the homes when they become available next spring.
“The new properties will be professionally managed by the SDL Group, which currently manages more than 35,000 homes.”
Wise Living aims to deliver over 2,000 high-quality, purpose-built homes over the next three years.
It is working with local authorities, land agents and house builders across the Midlands and is currently in advanced talks to acquire a number of further sites, with further announcements expected in the coming weeks.
Wise Living aims to challenge existing standards in the private rental sector, create new communities and ultimately drive improved living standards for its tenants.