Leading strategic land promoter, Richborough Estates has completed the sale of a 34 acre residential development site for £11.9 million to national housebuilder Bloor Homes.
The plot, which sits to the west of Mickleover on the edge of Derby, has been sold to Bloor Homes with outline planning in place for the delivery of 252 family homes in a mix of styles. The plans also include the delivery of a play area and extensive public open space.
The site was acquired by Richborough Estates in 2014 and was subsequently allocated for residential development by South Derbyshire District Council in 2015 as part of a large urban extension.
Steve Louth, Richborough Estates, said: “We are delighted to have completed the sale of this excellent residential site to Bloor Homes. Being only a short distance from the amenities in Mickleover, this is going to make an exceptional addition to the thriving community.
“The fact that we have been able to dispose of this site with outline planning in place, less than three years after acquisition underlines the key role that land promoters play in helping to address housing need by delivering commercially viable planning consents to market quickly.
“We are pleased to see that the Reserved Matters application submitted by Bloor Homes reflects the design principles established through our outline planning consent and we’re looking forward to the commencement of development.”
The proposal includes a significant financial contribution in lieu of the on-site affordable housing requirement to facilitate the delivery of much needed affordable housing elsewhere in the District.
Jason Wolliscroft, Bloor Homes, said: “This is a fantastic, attractive location on the edge of an existing conurbation and one that we feel will make a significant contribution to the wider area.”
Accessed from Ladybank Road, the site acquired by Bloor Homes is well connected via the A516 and A38 leading to Derby city centre which is six miles away.
Acting on behalf of the landowner, Fisher German played an integral role in the project and were responsible for completing the deal with Richborough Estates, securing planning permission and negotiating the sale to Bloor Homes.
Ben Marshalsay, Partner in the Ashby office of Fisher German, said: “We are delighted with the overall outcome and the values achieved have exceeded our expectations.”