Work is set to get underway on a £1.3bn Lincolnshire Lakes project later this month that will completely transform the area between Scunthorpe and the River Trent.
The project, spearheaded by North Lincolnshire Council, will create up to 6,000 new homes in six new villages, as well as new leisure and business facilities and a new stadium for Scunthorpe United.
The project will start with the construction of a £5m lake, which will be surrounded by new shops, a sailing centre, nature trail, car park, artificial beaches, bars, cafes, a viewing area and waterside housing.
The lake, which will be a major milestone in the overall project, is expected to be completed by 2018.
“It is an important regeneration project for Scunthorpe,” said Councillor Rob Waltham, deputy leader of the authority and its cabinet member responsible for regeneration. “We hope this will be the start of the creation of a significant number of construction jobs.”
“We have consulted extensively with some of the international sports bodies and we are hopeful of being able to secure some major events over the coming years,” he added.
Investors potentially interested in buying into this major new development will be keen to learn that the scheme will create in the region of 5,000 new jobs and bring a wealth of new business into the North Lincolnshire region, which is widely expected to help push up local property prices.
“North Lincolnshire property prices offer investors and first-time buyers the chance to invest in property which will continue to increase in value,” said Tim Downing, senior partner at Lincolnshire-based Pygott & Crone, which was last week been appointed as the sole agent for North Lincolnshire’s latest development.
The first phase of two-, three- and four-bedroom homes will be included in the scheme ranging from £120,000 to £350,000.
“We are in a privileged position in that Lincolnshire has comparatively low property prices making it a desirable location for those looking to get on the property ladder. Scunthorpe is a fantastic area in this regard and we’re looking forward to working in the town and making Lincolnshire Lakes a huge success over the next few years,” Downing added.