Complex land deal concluded to allow more than 100 homes to be built
A deal between four separate landowners and developers has been agreed to pave the way for land to be transformed into a new residential development in East Yorkshire.
The 12.16 acres (4.92 hectares) of land off Great Gutter Lane (West), Willerby, has been purchased by Beal Homes. It will use the land to build its “West Hill II” development.
Planning approval was granted by East Riding Council for the scheme back in the spring, but the conclusion of a deal between the company and four landowners remained key to it being able to press ahead.
That deal has now completed after months of negotiations.
Paul White, director of Hull-based Chartered Surveyors Garness Jones, who acted on behalf of three of the four landowners, said: “This has been a very complicated matter to resolve given the number of parties involved, including four land owners of the total 12.16 acres.
“We are delighted to see a deal now concluded which has proved excellent business all round, firstly for the vendors who we were instructed by, but also of course for Beal Homes who can now push on with another exciting housing development.
“Beal Homes already had an option agreement in place with the landowners and had been working on this deal for several years, but it was a complicated situation and the landowners came to us for advice.
“Our role was to determine the value of the land and negotiate between a number of parties, including providing advice relating to a strip of land which provides direct access to the new site.
“These deals are typically complicated given the number of parties involved and also the many variables to consider, such as a fluctuating housing market and of course the uncertain economic picture at present.
“Without doubt this is an excellent site for Beal Homes to have acquired to add to their portfolio of residential developments.”
The West Hill II Kirk Ella development will include more than 100 properties, including three, four and five bedroomed homes, as well as 31 affordable housing properties.
It follows on from Beal’s first phase of the West Hill development in Willerby, which saw 130 new homes built.