Land sale paves the way for first phase of £50m canal village scheme
Terra Strategic has sold the 32-acres of land for the first phase of its Hawkesbury canal village scheme in Warwickshire to Vistry Group for an undisclosed sum.
The sale follows detailed planning for 204 homes, infrastructure works and community facilities being awarded by Nuneaton and Bedworth Borough Council earlier this year.
The entire length of the development area is bounded by Coventry Canal, with vehicular access provided from Stockley Road and Sephton Drive – both off Blackhorse Road.
Vistry’s phase one development will include 153 open market properties and 51 affordable homes.
As part of the sale and in advance of the housebuilder starting on site, Living Space Housing – one of Terra’s sister companies – will start work immediately to carry out around £3m of infrastructure, community facilities and enabling works.
A further 296 homes are proposed for the 40-acre second phase of Terra’s regeneration scheme. The Solihull-based strategic land specialist has recently lodged a planning application for the extensive collection of open market and affordable homes.
James O’Shea, managing director of Terra Strategic, said: “Having purchased this 72-acre site unconditionally and then secured the allocation for residential development in Nuneaton and Bedworth’s 2019 Borough Plan, we are very pleased that Vistry can now bring forward the first phase of much-needed housing. This ‘canal village’ will create a vibrant new community, which is only a five-mile canalside walk or cycle ride into Coventry city centre. The scheme will have a transformative effect on the local area and provide significant community benefits, as well as quality new homes for north Warwickshire.”
The masterplan for the whole 72-acres has been carried out by Hampshire-based Thrive Architects, with Birmingham-based Malcolm Payne Design Group responsible for the detailed design for the first phase.
