550-acre land deal paves way for major mixed use development
Plans for a major mixed-use scheme which is set to include thousands of homes alongside potential for employment, community and leisure space, have moved a step closer with the acquisition of a development site.
Regeneration and multi-sector property development specialist Hargreaves Land has exchanged contracts with site receivers Watling Real Estate for conditional purchase of a 550-acre plot of land at the Lincolnshire Lakes site in Gunness, near Scunthorpe.
Over 1,150 new homes will be created over the next 15 years as part of a master-developer partnership.
It will also see potential for a new Advanced Manufacturing Park on part of the site.
A 65-acre section of the site has been given a strategic allocation in North Lincolnshire’s emerging Local Plan to accommodate development of the carbon-neutral Advanced Manufacturing Park (AMP).
This could in the future provide new commercial space to accommodate emerging businesses, alongside research and development institutions including those within the clean energy sector.
“Lincolnshire Lakes” is expected to be one of the largest residential development schemes in the region.
It forms part of a wider strategic regeneration project, which will also include a new primary school, district centre and extensive areas of public open space.
David Travis, development director at Hargreaves Land, said: “Lincolnshire Lakes is a very exciting investment for Hargreaves Land, reflecting our track record and continued focus in successfully delivering large-scale placemaking schemes throughout the UK.
“This includes our involvement in the ongoing development of Unity, another large-scale mixed-use development in South Yorkshire which has a lot of similar constraints, where we are working with joint venture partner Waystone Developments to ensure project success.
“This deal represents a significant milestone for our overall growth as a business, and we look forward to delivering sustainable development on site over the next few years.”
Zoe Shearman, development surveyor at Hargreaves Land, added: “This moment represents the culmination of several months of hard work by our internal team and external consultants.
“We now look forwards to progressing planning and marketing workstreams on the site as proactively as possible, with a view to facilitating our first phases of serviced residential plot disposals to housebuilders in the near future.”
Andrew Foster, joint managing director at Watling Real Estate, added: “On behalf of Watling Real Estate, we are happy to enter into a 15-year joint venture with Hargreaves Land to bring forward this development for the benefit of all stakeholders.
“This is a very innovative solution to progress development for a challenged site.”
Freeths law firm acted on behalf of Hargreaves Land for the acquisition, while Pinsent Mason represented the receivers.