The housebuilder has reported ‘booming’ sales of the fourth phase with over 50% now reserved/sold. Ten houses were snapped up before the show home opened.
Andrea Fawell, sales and marketing director at Kebbell, comments: “We are delighted to have obtained planning for the fifth phase at Cornelian Fields. Yorkshire has a special place in our hearts as a business and we have been building homes and communities in the area for many years now.”
Situated in the coastal community of Middle Deepdale near Scarborough, North Yorkshire, the collection of homes on offer varies from £219,950 for a 960 sq ft three-bedroom house to £284,950 for a 1,144 sq ft four-bedroom detached house. All the two beds in the fourth phase have already been reserved.
Cornelian Fields comprised 125 homes in the first three phases and plans for phase five are already fully underway with build expected to start in 2022.
In light of its success in the region, Kebbell is pursuing various planning and development opportunities in a number of areas including Gainford, near Darlington, as well as further opportunities in Bishop Monkton where it has previously built.
Linda Tillisch, northern region sales manager at Kebbell, says: “We are delighted that Cornelian Fields has been such a runaway success with demand continuing to outstrip supply.”
“This is a bustling, friendly community with modern facilities, just to the south of the seaside town of Scarborough. The neighbourhood has footpaths and cycle routes, a lovely play park and bus routes to local amenities and there are two beaches within walking distance.”
Gresham House secures £15m loan for Sheffield BTR project
Specialist alternative asset manager Gresham House has secured a three-year £15 million loan from Leumi UK to fund the development of 229 sustainable, high-quality build to rent (BTR) apartments in central Sheffield.
The agreement comes as the UK’s BTR sector continues to see impressive growth amidst increasing investor recognition of the resilient income opportunity and social benefits for local communities.
The loan was agreed via a majority-owned holding vehicle of Gresham House’s British Strategic Investment Fund I (BSIF I).
BSIF I is a closed-ended 12-year fund that invests in sustainable and affordable housing, as well as sustainable infrastructure projects, around the UK. The strategy closed last year with commitments worth £300 million from several major UK institutional investors, including seven local authority pension schemes.
Currently, the fund is in the process of delivering approximately 850 build to rent units across UK regional cities and towns.
The scheme comprises a mix of one and two-bedroom apartments on Scotland Street, a prime location within walking distance of Sheffield city centre’s main retail hub and the city’s two universities. The apartments will be developed by the development platform of BSIF that specialises in sustainable, high-quality and fairly-priced housing developments in the North and Midlands.
Joe Thomas, investment director, housing at Gresham House, states: “This loan will enable BSIF I to deliver its pipeline of sustainable mid-market build-to-rent housing – a strategically important area within the UK’s broader residential sector.”
“The build to rent space remains a compelling investment opportunity, with resilient income streams thanks to the residential sector’s inelastic demand characteristics. The development of the scheme will make a meaningful impact towards meeting the needs of Sheffield’s growing population of renters.”
Gez O’Sullivan, relationship manager, property finance at Leumi UK, adds: “Leveraging our property finance expertise, this funding solution will support BSIF I’s impactful investment strategy and deliver an exciting new rental offering to Sheffield at a time when there is increasing long-term demand for high-quality, affordably-priced rental properties in major urban centres. We look forward to strengthening our partnership with Gresham House over the coming years.”
Building starts on first phase of £100m Clipstone development
Construction work has started on phase one of a new housing development in Clipstone, Mansfield, by developer Sherwood Oak Homes.
The Oaks is a high-quality residential scheme that will bring 313 ‘thoughtfully-designed’ properties to the market in 2022.
On Clipstone Road East, the first phase of the development will consist of 30 new homes: 10 three-bedroom and 19 four-bedroom properties and a single five-bedroom home.
Local award-winning contractor Henry Boot Construction has been chosen to deliver the project and selling agent Pygott & Crone to market the properties.
The homes have been designed with space at the forefront with sizable plots and more space between than the standard. The properties themselves will benefit from high ceilings and include high-spec additions such as bi-fold doors out to the gardens.
The scheme has been designed to encourage and attract wildlife and for its residents to enjoy the outdoors.
Across the site, there will be a number of green spaces and children’s playgrounds for families to enjoy, and bird and bat boxes will be installed.
The s106 agreement for the development outlines plans to make improvements to local Rights of Way to encourage walking and cycling as well as investments in Spa Ponds and Vicars Water - two nature reserves local to The Oaks.
Peter Roope, development director at Sherwood Oak Homes, says: “We’re very pleased to be able to start construction on this new community of high-quality homes in such a fantastic area.”
“The development is ideally located in a well-connected part of Nottinghamshire where residents will be able to enjoy the space and countryside around them whilst being just a short distance away from both Mansfield and Nottingham.”
He adds: “To deliver the very best new homes, we are working with impressive local businesses Henry Boot Construction - who will bring their wealth of knowledge of the surrounding area to the project - and Pygott and Crone estate agents.”
“What’s important to myself and the team at Sherwood Oak Homes is to create homes that provide the space and quality that homeowners demand and deserve and to create peaceful new communities with access to nature. It’s very exciting to be moving forward with The Oaks.”
Gary Holmes, senior contracts manager at Henry Boot Construction, comments: “We are delighted to get underway on this exciting housing development by Sherwood Oak Homes.”
“Our team have significant experience building high-quality residential schemes and we are now looking forward to delivering these modern homes for the local community.”
The first phase of homes is due to go on sale in early 2022 with Pygott & Crone.
Hill Group selected to lead Hendon regeneration scheme
Metropolitan Thames Valley Housing (MTVH) has appointed developer Hill Group to deliver the regeneration of Westhorpe Gardens and Mills Grove Estate in Hendon.
Working in partnership over the next five years, Hill and MTVH will build over 250 new homes to replace the current housing built during the 1960s.
The new development will offer a mix of affordable housing, including rented homes for existing tenants together with additional homes for rent and shared ownership and private sale homes for over-55s.
Work has already commenced to clear the site and demolish the current housing, and the first phase of 79 homes is due for completion in summer 2023.
All residents of the former estate have been offered homes in the new development, representing a significant upgrade in accommodation. Those located in phase one of the new development have been provided with alternative accommodation during the build.
The new homes will comprise a mix of three and four-bedroom terraced townhouses and a series of buildings of one, two and three-bedroom apartments. They are designed and built to high standards of sustainability with green roofs and energy-efficient air source heat pumps. Landscaping is at the heart of the design, with green spaces, play areas and garden areas that incorporate the existing mature trees.
MTVH worked closely with Barnet Council to consult with the local community and residents prior to development, and its proposals were strongly supported. As a result, over three-quarters of residents voted in favour of the redevelopment in a ballot.
Geeta Nanda OBE, chief executive of MTVH, says: "MTVH is delighted to have appointed Hill to deliver the regeneration of Westhorpe Gardens and Mills Grove Estate in Hendon. We have worked closely with residents during the planning phase and are excited to give local people the homes to match their aspirations.”
“Furthermore, with the environment a key concern to so many people, we are pleased that innovative energy-efficient features will be incorporated into all the new homes. Of course, regeneration is about more than housing, and so this scheme will upgrade the entire area, with green spaces, gardens and areas of play as a vital part of this exciting development improving the health and facilities of the local community."
Simon Trice, regional managing director at Hill Group, adds: "We are pleased to be working with MTVH to deliver these much-needed new homes and create a place that will bring residents renewed pride in their community.”
“Hill has a strong track record in estate renewal - we understand it is about protecting the existing community and reflecting their needs while being forward-thinking in establishing a neighbourhood that will thrive for generations to come. We are pleased to be on-site and moving ahead with the project."
Lincoln MGT secures £140m construction loan for Reading BTR scheme
Lincoln MGT, a joint venture between Lincoln Property Company and MGT Investment Management, has agreed a construction loan with AIG’s Commercial Real Estate Lending business and Homes England for a £138.75 million build to rent (BTR) development at Station Hill in Reading.
The loan will enable the delivery of 600 BTR private and affordable homes as part of the first phase of the transformative Station Hill mixed-use development, creating a vital link from the town centre through to the train station.
The development will also comprise a new public realm, made possible by a substantial investment of circa £50 million in the surrounding community infrastructure. The delivery of the first phase of Station Hill marks the next step in further inward investment in Reading, acting as a catalyst for the growth of the surrounding area and contributing to its drive towards city status.
With a focus on sustainability, wellness and technology, the first phase residential community is set to become a truly unique offering to the market and benchmark for in-town generational living.
Once fully delivered, Station Hill will provide up to 1,350 new homes, office accommodation for approximately 9,000 new jobs, lifestyle-led space for retail, cafes and restaurants, and a new pedestrian link and activated public realm between the station and the town centre, establishing Station Hill as a new district and destination for Reading.
With construction work on the wider Station Hill development already underway, the first homes in phase one will be ready for occupation from the end of 2022. Work is also underway on phase two, which will comprise a 275,000 sq ft office building (‘One Station Hill’ - OSH), a new public square, and a link bridge through the development into the phase one residential community.
Both phases of Station Hill will be ready for occupancy by 2024 and will offer a new front door for Reading, unlocking the town centre through level access from the train station.
Savills advised Lincoln MGT on the development loan.
Callum Thorneycroft, managing director at MGT Investment Management, comments: “We are excited to be working with AIG and Homes England on the delivery of the first phase of the transformative regeneration that is Station Hill. Station Hill will deliver an exceptional mixed-use sustainable environment offering a true live-work location adjacent to Reading Train Station and the beginning of The Elizabeth Line.”
“We are delighted to have chosen AIG and Homes England to work with Lincoln MGT to continue the momentum to deliver our renewed vision for Station Hill and to improve the way in which people visit, and live and work in this town. It will create a platform for Reading to attract investment and fulfil its potential as the true capital of the Southeast.”
John Gardiner, managing director at AIG Commercial Real Estate Lending business, adds: “Our partnership with Lincoln MGT and Homes England at Station Hill exemplifies our long-standing experience with multifamily assets across the globe, while supporting Reading’s inward investment and the growth of the surrounding area. We look forward to seeing the Station Hill project come to life, providing much-needed mixed-use resources for Reading.”
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