A prominent site in Thurmaston has been sold to Leicester affordable housing developer Modus Partnerships in a deal arranged by specialist land development and property consultancy Mather Jamie.
The site, which comprises 1.61 Acres (0.65 Ha) of land, was formerly the premises of an industrial business that has ceased to operate. The land has been in the ownership of a private family for over seventy years and although surrounded by existing housing, it presented several planning challenges due to ground conditions and its brownfield site status.
Working with Modus Partnerships, Mather Jamie was able to broker the sale and help secure planning permission to build 18 affordable houses. Once fully constructed the development will be operated by Midland Heart Housing Association.
Commenting, Gary Kirk from Mather Jamie said, “The sale of the site to Modus Partnerships represents an excellent outcome for our client. The site presented significant challenges due to its previous usage and we were able to draw on our experience on brownfield development land sales to bring this to a conclusion. We look forward to seeing Modus transform the site into much needed new housing for the Affordable Homes sector.”
Simon Preston, Director at Modus Partnerships added, “We are always actively seeking land acquisition and development opportunities including brownfield sites like this that are suitable for redevelopment. We are delighted that this deal has been completed and that we can begin to build much needed affordable housing to the area.”
The approved housing mix will comprise five different styles of two and three bedroom houses, all constructed to a high-quality specification which, when completed in Autumn 2023 will be made available as affordable rent and shared ownership housing.
A spokesperson from Midland Heart said “Midland Heart provides a range of housing options, across the Midlands, that help people to live independently. We are really pleased to have secured this sought after site and look forward to working with Modus Partnerships to be able to offer 18 new homes in this popular location, within easy reach of both Nottingham and Leicester.”
Mather Jamie is based in Loughborough and has many well-established family landowners as clients. Working over many generations the firm has helped landowners diversify to generate revenue, maximise the value of land or properties sold or let, and helped them meet their environmental and sustainability ambitions by matching them with housebuilders that share the same values.