£20m land deal paves way for huge residential scheme
310 new homes are set to be built in Oadby after a £20 million-plus land deal was agreed with Bellway Homes.
Acting on behalf of the Co-operative Group, Savills has sold around 40 acres of development land to the developer.
The proposed scheme at Gartree Road will include a mixture of 2, 3, 4 and 5 bedroom homes. It will be located next to the popular Stoughton Grange area, which is already home to a variety of businesses including local delis, designers and a gastro pub.
As part of the planning consent, Bellway will rebuild car parking facilities for commercial occupiers in the area and contribute over £2.5 million towards education in the borough. Contributions will also be made towards local libraries, healthcare, allotments and sports facilities.
The deal was led by Savills’ East Midlands development director Ann Taylor.
She said: “The land formed part of the Local Plan to meet government-set housing targets and after planning consent was secured in 2018 Savills launched the opportunity to the market in early 2019. The confidence in the location and strength of anticipated market demand made this is a highly sought after site and, as a result, we generated a significant level of interest from a range of regional and national housebuilders.
“It was a very competitive marketing process which has culminated in a sale to Bellway Homes. Whilst this was a complicated deal all parties allocated a significant amount of resource to ensure unconditional completion within just three months. We wish Bellway the very best on this exciting, landscape changing and community enhancing residential scheme.”
Work will begin on the site in the summer, with the first homes expected to be completed by early 2021.
