Severn Trent announced last year that by making its business more efficient, it has freed up land to sell to developers in order to help address the housing shortage. The company’s property arm, Midlands Land Portfolio Ltd, along with Gedling Borough Council, has now made a sale to Persimmon Homes of around 135 acres of land at Teal Close for a development that will include much needed affordable new housing.
Julie Rossiter, who recently joined Severn Trent to head up a new property development division, explains: “We’re delighted that through making our business more efficient and working with Gedling Borough Council we’ve been able to make this land available to be developed by Persimmon to provide much needed new homes for the community. This is a great example of innovation with public and private sectors working together for the communities they serve and demonstrates Midland Land Portfolio Ltd’s strong position in the Midlands property market.
“The sale proceeds for Midlands Land Portfolio Ltd will be £21.8M, and a proportion of the resulting profits will be shared with our customers, helping to keep future water bills lower. Our Property Development team has a strong pipeline of further opportunities which we’ll be bringing forward to the market over the next few years in line with our announcement in November 2017.”
The site is located approximately five miles east of Nottingham, between Netherfield and Stoke Bardolph and will include fantastic new facilities and services for the area. Alongside 830 new homes there will be new leisure areas including play pitches with changing facilities, allotments and children’s play areas for the community to use. There will also be an ecology park, together with a new community building and a new primary school, all bringing people and jobs into the area.
Following planning approval for the first phase of the housing scheme for 199 units including much needed affordable houses, Persimmon will soon be starting work on site.
Neil Follows, managing director for Persimmon Homes Nottingham, added: “Our aim is to deliver a range of high-quality, affordable homes that will cater for first-time buyers looking to get their foot on the property ladder as well families looking for more space.
“Now the development has received planning permission, it will bring an estimated 855 jobs to the local area, providing a huge boost to the local economy.”