A Midlands-based land, development and property agency has completed its first major land sale just two months after it launched, with the sale of a prime housing development site in Warwickshire that will deliver up to 620 new homes.
Richard Foxon and Piers Beeton of Newton LDP Ltd were instructed by the landowners and Catesby Estates to lead on the marketing and sale of the site at Glasshouse Lane in Kenilworth, which has now been sold to Vistry Partnerships and Milverton Homes.
A number of offers were received before the site was formally marketed and the eventual undisclosed eight figure sale price was almost 20 per cent above the initial off-market interest.
The 31-hectare (76.6 acres) site is allocated for development in Warwick District Council’s Local Plan and Kenilworth’s Neighbourhood Plan, and has outline planning permission for up to 620 homes including 40 per cent affordable homes, as well as land for a one-form entry primary school, and 12.63 hectares (31.2 acres) of public open space.
Richard Foxon, Managing Director of Newton LDP Ltd, said: “It is great to conclude this high-profile transaction so soon after launching our new business.
“The site will deliver much needed, private and affordable homes for the popular market town of Kenilworth, and we look forward to seeing Vistry Partnerships and Milverton Homes deliver this scheme and create a multi-tenure, vibrant and sustainable new community.
“It is great to see these partnerships competing in the development land market with the more traditional plc housebuilders, who would have ordinarily been the likely purchaser for a site of this scale and value. This model also offers a greater range of housing tenures for potential future occupants.”
Piers Beeton, Director of Newton LDP Ltd, said: “The housing market is currently facing an acute shortage of homes and figures published in the past week show the number of properties for sale has fallen to its lowest level for more than six years and is forecast to remain low well into next year.
“Demand for new housing remains very high with most housebuilders forward sold for the next six to 12 months, this coupled with less planning permissions being granted, is seeing demand for development land significantly outstripping supply.”