Agency buys 250 acres of land in Rushcliffe as part of 10-year development
Homes England has agreed to back the building of 3,000 new homes in Nottinghamshire.
The deal will see the government’s housing delivery agency acquiring 250 acres of a 605-acre site known as Fairham in Rushcliffe, south of Nottingham.
The gross development value of the project, which will eventually deliver more than 13,000 homes, is £825m.
Homes England said it would work with property investment firm CWC and Rushcliffe borough council, which jointly own the land, to deliver the homes, together with more than 100,000m² of employment space over the next 10 years.
The site has been secured through the government’s £1.3bn Land Assembly Fund, and Homes England said it would speed up delivery of the scheme by providing infrastructure loan funding to CWC, although it did not disclose how much this would involve.
Stephen Kinsella, the agency’s executive director for land, said Homes England had worked closely with the council to develop the site for new housing.
“Homes England and CWC will work jointly as master developers to deliver the primary infrastructure to create a high-quality sustainable urban extension,” Kinsella added.
Rushcliffe borough council’s executive manager for communities, Dave Mitchell, said the local authority’s local plan aimed to build 13,150 new homes by 2028.
“Delivery of the Fairham site is essential to our ability to maintain the momentum required, whilst is it is also a strategically important site locally, regionally and nationally for Nottinghamshire county council, Nottingham city council and ourselves.
“We will now look forward and remain committed to working closely with Homes England and CWC to ensure the delivery of a high-quality scheme.”
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