Ainscough Strategic Land sells 365-acre estate in largest ever deal
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Land specialist Ainscough Strategic Land has sold a 365-acre rural estate in Swindon with outline planning permission for a new village of 2,500 new homes.
The sale to Countryside and Sovereign Housing Association is the company’s largest transaction to date.
ASL specialises in land promotion agreements, whereby it funds the delivery of a landowner’s holding through the planning process at its own risk.
On the successful sale of the consented land through an open-market bidding process, ASL recovers its costs and a proportion of the sale value.
Rachael Ainscough, managing director at ASL said: “This is a very substantial deal by anyone’s standards and is a project we’ve been working on for nearly a decade.
“My team and our consultants have had their shoulders to the wheel throughout on behalf of our landowner partners and I’m absolutely delighted with the outcome.”
The land, at Lotmead Farm on the edge of Swindon, will deliver up to 2,500 homes, 20% of which will include affordable housing, providing up to 250 houses for shared ownership and up to 250 homes for social rent.
The development will include large areas of open space together with the creation of two primary schools, local centres, nurseries, and retail and commercial space.
The neighbourhoods will also feature 17ha of woodland, ten individual play areas, a 10ha sports hub and pavilion, allotments and an additional 62ha of biodiversity and green space.
The latest successful sale for ASL marks a busy year for the firm, which has 18 projects currently working their way through planning, including in Winwick, Farndon, Rossall and Chester.
Collectively, the north west projects have the potential to deliver over 1000 homes in the region.
“Housing remains a major driver for the economy, particularly here in the North West, and it’s good to have so many substantial projects in our home patch,” said Rachael.
“We are growing strongly in the south west and midlands as well as the north west and remain on the look-out for further opportunities.”
Avison Young and Squire Paton Boggs advised ASL on the sale of the land, with Turley advising on planning. Financial details of the scheme were not revealed.