Housing provider expands into East Mids with £10m deal
Three property organisations have signed a joint venture agreement which will see 82 homes built on a 4.8-acre site at Abbey Meadows.
Leicester-based developer GS Developments has partnered with Lovell Partnerships and Nottingham Community Housing Association (NCHA). The deal will bring forward 47 affordable homes, which will be built by Lovell and managed by NCHA. Lovell will also build a further 35 build to rent properties that will be retained and managed by GS Residential.
Abbey Meadows will be made up of two, three and four-bedroom homes.
Mandeep Singh, director of GS Developments, said: “This is a really exciting scheme for Leicester and also for GS Developments.
“We have been speaking to Lovell and NCHA for some time and this is a great opportunity to provide much needed housing in a fantastic location in Leicester.
“It will be a high-quality build and will open up new homes for people to rent.”
Lovell Partnerships has exchanged contracts on the £10m design and build project – which is the first scheme it has secured in its plans to expand into the East Midlands. The deal was managed by James Coningsby at East Midlands-based law firm Nelsons.
Work on the development is expected to start in March 2020, with the first homes expected to be completed in winter 2021.
GS Residential will also retain to let the 25 apartments and 16 homes on adjoining Rocket Studios site where work has already started.
Stuart Penn, regional managing director at Lovell, said: “Lovell was selected to carry out this project for its extensive experience in delivering high-quality partnership homes across the Midlands.
“At Lovell our success is founded on our ability to deliver a full mix of residential development services, from new-build open market housing, private rented sector homes and affordable housing, to large scale refurbishments and housing-led regeneration.”
Chris Timmins, regional area director at Lovell, said: “We’re extremely excited to announce the success of our growth plans to acquire land opportunities within the East Midlands. This scheme is our first project in Leicester since 2011, which plays an integral part in our plans to expand and to reduce the shortage of affordable homes across the region, which will meet the needs of local communities.”
Allan Fisher, director of development and assets at NCHA, said: “We are delighted to be working in partnership with Lovell and GS Residential. This new development will offer 47 affordable homes, providing much needed sustainable accommodation for people in Leicester.”
James Coningsby, partner and solicitor in Nelsons’ commercial property team, added: “This is a fantastic scheme for Leicester and one of the biggest of its kind within the city. We were pleased to help support our client GS Developments with this vital new site, which will open up waterside living for families.”
Architects for the scheme are Leicester-based RG+P.
