£25m land deal set to bring 830 homes to Nottingham

A deal to sell a prime site on the outskirts of Nottingham that will bring forward 830 homes has been completed.

Northern Trust and Savills have completed the sale of part of a 168-acre site on land off Teal Close in Stoke Bardolph to Persimmon Homes for nearly £25m.

Northern Trust acted as land promoter on the site on behalf of Severn Trent’s property vehicle, Midlands Land Portfolio, and Gedling Council.

Outline planning permission was granted by Gedling Borough Council for the major mixed-use scheme which includes up to 830 new homes. New leisure areas including playing pitches and changing facilities, allotments, children’s play areas, an ecological park for community use and a new primary school will also be built. Consent was also granted for 195,000 sq ft of space for employment uses and a community hub which is being sold separately.

A spokesperson on behalf of Northern Trust said: “We have worked closely with Gedling Borough Council, the local community and other key stakeholders on bringing the plans for this site to fruition. Securing sale of the residential element now means that development work can commence which will bring substantial investment into the area for the benefit of the existing community.”

Andrew Galloway, director in the Midlands based development team at Savills who acted on behalf of Severn Trent and Northern Trust, added: “Nottingham needs more housing delivery across its suburbs and whilst Gedling Borough Council is very proactive in terms of development, they are constrained by Green Belt land so the sale of this site is incredibly good news for the city.”

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