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LendInvest completes £16m development deal in three weeks

Property finance lender LendInvest has completed a £16m financing deal with established development finance borrower, Yogo Group, in just three weeks.

The development finance loan will fund the part-conversion and rebuild of a Grade II listed building, the former Thomas Lipton Care Home, as well as the construction of new units.

LendInvest completed this loan in record time of three weeks from initial introduction to site purchase, after the borrower was let down at the last minute by another lender. If finance had not been secured immediately the borrower would have lost the site to another potential buyer.

Steve Larkin, director of development at LendInvest, said: “Time is undeniably crucial for any developer. In this instance it was make or break, with the developer facing the prospect of losing a coveted site to other purchasers having been let down by their initial lender.

“Our team went the extra mile to ensure that this did not happen again, delivering fast, and affordable finance in record time.

“Working with an award-winning developer is always a comfort for a lender, and we have full confidence in the Yogo Group to deliver the quality bespoke living spaces they are so well known for.”

After completion, the project in its entirely will deliver 24 apartments and six houses, ranging from one to four bed units of bespoke design and available for first-time buyers.

The site is in Southgate, Enfield, North London and sits in five acres of its own grounds, providing privacy for prospective buyers and tenants.

Construction is expected to be completed by March 2019. The total gross development value is forecast to exceed £26m

George Philippou, managing director of Yogo Group, added: “Yogo Group is delighted to be working with LendInvest to deliver another one of its high quality residential developments in a unique enclave of Southgate.

“We would like to express our immense gratitude to LendInvest who have been extremely supportive of Yogo Group not only by funding the majority of the scheme but also by achieving the unachievable and ensuring a quick and smooth three week completion.

“The service and support provided by LendInvest and its lending managers have been exemplary.”

Daniel O’Neil of SPF Private Clients introduced and advised on the deal.

Source: Mortgage Introducer

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New Black Country housing estate could be built on derelict industrial land

The 13-acre site off Darkhouse Lane, near Rosewood Primary School, will be turned into a new housing estate.

Around 142 properties would be built comprising of 30 one bed flats, six two bed flats, 51 two bed houses, 45 three bed houses and 10 four bed houses.

Plans are set to be approved subject to a Section 106 agreement at a Dudley Council meeting next week.

Affordable housing

Planning documents state: “The site is predominantly brownfield, being occupied by vacant, derelict and dilapidated industrial buildings.

“The development would also include open space and ancillary works to provide a buffer to adjacent industrial/railway uses.

“The application is made on behalf of Accord housing association and it is proposed that the entire scheme would be for affordable housing.”

Dudley Council leader Patrick Harley said if the scheme went ahead it would be ‘a boost’ to the local area.

“I welcome any investment in the borough as the council has been through hard times in recent years. We need to create our own new revenue streams and we can do that by building more houses and collecting more business rates.

“If there is an opportunity for commercial properties that would be great, and homes are good as well. I think this will provide a boost to the local economy in Coseley.”

Anti-social behaviour

A design and planning statement submitted as part of the application states: “Despite the site being allocated as employment land it must be noted the site has remained vacant for some time now and is subject to anti-social behaviour problems during the evenings.

“It is understood Dudley Council have expressed a willingness to consider the site’s potential for residential development.

“The design of any proposed residential development must be orientated to address the site constraints highlighted.

“The railway line to the west and coal manufacturing plant to the north have been identified as major potential noise sources.

“And early noise assessments suggest a minimum 60-metre offset of built form from these boundaries.

“This will achieve a substantial amount of public open space that will benefit any residential development and also provides sufficient space for the incorporation of a sympathetic noise mitigation feature.”

A previous application in 2013, from Darkhouse Properties (Jersey) Ltd, for 108 properties, was approved, but no development took place.

Source: Express and Star

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Former psychiatric hospital to be site of 891 new homes

ITS approach to care was then revolutionary, and an entire village complex was supported by a working farm, church, shop and bakery before the rural idyll for vulnerable people was left to became a crumbling folly.

Now the former Bangour Village psychiatric hospital site in West Lothian –the size of 100 football pitches and including 15 listed buildings – is set to be taken over by a housing developer after lying empty for 14 years.

NHS Lothian, has a planning application going through the system for 891 homes, 800 new build and 91 conversions, and a primary school.

It is the second attempt to lay foundations for new homes there after an earlier effort fell victim to the economic downturn.

Allanwater Homes, based in Bridge of Allan, would not comment on its plans for the site but confirmed it has lodged a bid with owner NHS Lothian and that dialogue was ongoing.

It comes after renewed efforts were made to sell the site last year.

NHS Lothian, advised by the Scottish Futures Trust, appointed property advisers CBRe and Justin Lamb Associates to revive interest ahead of a planning decision through West Lothian Council.

Justin Lamb said Bangour is “probably the best opportunity in Scotland to deliver a new village in a mature landscape.”

Source: Herald Scotland

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Plans submitted to build more than 130 homes at Brandon Stadium

Plans been submitted to Rugby Borough Council by the owners of Brandon Stadium to build houses on the mothballed speedway site.

The application by Brandon Estates was submitted on Friday January 26 and although the detail has not been revealed as yet it is believed to be for 137 homes, in line with a proposal put forward in October last year.

The stadium, former home to the Coventry Bees speedway team and CoventryStox stock car racing operation, has remained derelict since a long-running row between Brandon Estates and former Coventry Bees speedway team owner Avtar Sandhu ended with many of its fixtures and fittings being removed.

Brandon Estates reported their removal by Mr Sandhu to Warwickshire Police and a criminal investigation was launched but later dropped.

During the stand-off Mr Sandhu pledged to return the fixtures and fittings but the stalemate continued, meaning the Bees, now owned by Mick Horton, were excluded from speedway’s Elite League last season.

The Bees are set to return to competitive speedway in the forthcoming season this spring but at a lower level – and 30 miles away at Leicester.

Uncertainty over the future of the stadium continues and the Save Coventry Speedway campaign group has expressed its fears that speedway may never return to the troubled site, which has been home to top level speedway since 1928.

Brandon Estates has claimed speedway is no longer viable at the stadium and has made it clear it wishes to build new homes on the site.

But the site does not form part of Rugby Borough Council’s Local Plan and as such it is thought unlikely any application would be successful, meaning Brandon Estates might appeal a Rugby Borough Council refusal and development be the subject of a public enquiry.

David Rowe from the Save Coventry Speedway campaign group said: “The application was put in on Friday afternoon, though we can’t see it yet as it takes some time to be registered.

“As far as we know it is the same as proposals put forward in October for 137 homes.

“We are urging the council to turn it down.

“This can’t be allowed to happen.”

Mr Rowe said despite the dilapidated state of Brandon Stadium, something made worse following a number of incursions by travellers, Save Coventry Speedway had not given up hope of a return to Brandon.

He added: “It is a wearing down process but we won’t be worn down.

“We hope that if they get knocked back enough times they will get fed-up.

“The stadium is now in a terrible state because of the damage done by travellers though the speedway track is still there and good to go.

“It could be made race ready in three to four weeks and the buildings are still standing.”

Source: Coventry Telegraph

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Scotland ‘building more affordable homes than England’

Scotland is building more affordable homes per head of population than England despite predictions that Holyrood ministers will miss their own ambitious target for new housing.

The Scottish Government’s supply of affordable housing per capita was found to be 33 per cent higher than the UK government’s supply in England over a 10 year period from 2007.

In answer to a parliamentary question from Edinburgh North and Leith MSP Ben Macpherson, housing minister Kevin Stewart revealed that 70,861 affordable homes had been built from April 2007 to September 2017.

In 2016, Scottish ministers pledged £3 billion to build 50,000 affordable homes, 35,000 of which are destined for the social rented sector.

But the number of affordable homes completed per quarter since the middle of 2016 has averaged at just 1,808, well below the 2,673 needed to reach the 50,000 target by 2021.

The gap in completions for social rent is even wider, with an increase in the completion rate of 159 per cent needed to meet the target.

But Mr Macpherson said the per capita figure demonstrated Scotland’s “strong position” when it came to building new homes.

“This demonstrates the stark difference between the SNP and the Tories, who have let housebuilding drop to its lowest level in England since 1923, whilst cutting winter fuel payments for the elderly and lumping the Bedroom Tax on the vulnerable,” he said.

“Since coming to office, the SNP has built more than 70,000 affordable homes and will continue to increase affordable housing with our ambitious target to deliver 50,000 homes during the lifetime of this Parliament, backed by £3 billion of investment.

“Making sure everyone has a safe, warm and affordable home is central to the SNP Government’s drive for a fairer and more prosperous Scotland.”

Source: Scotsman

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Plans for 500 new homes at Connaught Barracks in Dover have taken a step forward

Plans to start building 500 new homes at Connaught Barracks in Dover have been boosted, with work expected to begin this year.

Connaught Barracks is a former Ministry of Defence site of 55 hectares acquired by the Homes and Community Agency, now known as Homes England, in 2008.

With a Land Trust owned Napoleonic fort Fort Burgoyne at its core, it is hoped the development will bring a flurry of homes for first time buyers and families to the district.

Work started on the demolition of the buildings in 2016, with outline planning permission obtained for the first 64 homes in July that year.

The demolition work was originally due for completion in spring 2017.

But unknown push-backs meant the demolition phase at the site off Dover Road has only just been completed, almost a year later.

Now, all the old buildings have been knocked down and Homes England has been approaching housing developers ahead of construction.

Bids were received for the first phase of the scheme – the Officers’ Mess – last month.

An artist’s impression

The preferred bidder is expected to be announced soon.

Dover and Deal MP Charlie Elphicke was shown around the site by bosses from Homes England on January 19.

He said: “There is so much potential for Connaught Barracks and I’m really excited about what can be achieved.

“I have urged Homes England to use the site to offer quality homes for first time buyers and families.

“I was pleased to see things are progressing. It’s vital the construction of the much needed homes now moves forward swiftly – and that we see work begin this year.

“The people of Dover have waited a long time for this project – now it’s time to deliver.”

Source: Kent Live

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Developers believe 19 parking spaces will be enough for 71 new flats in Tonbridge town centre

Plans to build 71 new flats with just 19 parking spaces in the centre of Tonbridge have been unveiled.

F Estates, which specialises in affordable rented property development, wants to extend the existing block at The Bank House on Medway Wharf Road.

But some residents have come out against the plans saying the “overcrowding” would “ruin” the riverside area with bedsits.

The five-storey building would incorporate 71 rented studio flats which, when added to the existing 64, would mean a total of 135 on site. The parking provision would increase from 52 to 71 spaces.

A similar scheme for 72 flats on the plot was thrown out by Tonbridge and Malling Borough Council in September on the grounds of overdevelopment.

But in a statement to the council, planning consultants Barton Willmore claimed previous concerns had been addressed.

It said: “The proposed development seeks to provide a high-quality living environment, extending the successful conversion of the existing Bank House building undertaken by the applicant.

“The proposals would provide much needed new homes – of a particular type and nature identified as being locally deficient – assisting with the council’s undersupply of five-year housing land supply.”

An artist’s impression of the rear of the site

The statement adds 40 per cent of the flats would be affordable homes let out at 80 per cent of market rate.

Objections

Despite the assurances, the plans are courting controversy locally with residents citing over-development, a lack of parking spaces and fears the building would block out neighbouring properties’ sunlight.

One objector, whose name has been redacted from planning documents but lives in nearby Cannons Wharf Road, said: “I am shocked and disappointed that the same company that wishes to build a 14-storey building down our road now wishes to double the size of an existing building and again not provide adequate parking. The additional traffic will burden a local infrastructure already under strain.

“It is unrealistic to assume that in this age of mass car ownership that the people who move into the proposed extension will either want or be able to rely on local bus services, so the question remain, where will these people park?”

Another, a serving police officer, feared the development could “ruin” life for existing residents, adding: “I object to this quite simply due to overcrowding. I work as a police officer in the Met and often see how disruptive a block of flats of this scale in an already busy area can be, often ruining many residents’ lives to the point they will move.”

Source: Kent Live

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Housebuilder plans to build 2,800 homes across Yorkshire during 2018

A housebuilder has announced plans to open 19 new sites across the Yorkshire region in 2018, creating 2,800 new homes and over 1,000 associated jobs.

Barratt Developments Yorkshire West, which includes the David Wilson Homes brand, said sites will be in Leeds, Barnsley and Huddersfield. New employment will be in construction trades such as bricklayers, electricians and landscapers, through to head office support roles.

In the 2016/17 financial year Barratt Developments supported 610 sub-contractor companies and 370 supplier companies. The company intends to continue to support the local environments in which it builds. During 2017, more than 3,110 trees or shrubs were planted or retained on developments and 19.2ha of green space was created through public open spaces or private gardens, equivalent to 759 tennis courts.

The housebuilder recycled 95 per cent of its construction waste. Ian Ruthven, managing director at Barratt Developments Yorkshire West, said: “We’re delighted to continue contributing to the regional economy through local jobs for local people across our 19 new sites.

“We’re committed to investing in and supporting tradesmen across the region and look forward to working with them over the next year to build even more quality homes.

“As well as creating more jobs, the communities in which we build we be supported through our S106 contributions. In the 2017 financial year we provided over £13 million in local contributions to the areas surrounding our developments, which goes towards facilities such as public open spaces, school and educational facilities, public transport measures, and recreational facilities, as well as many other projects.

We look forward to continue helping create thriving communities over the next 12 months.”

Source: Wakefield Express

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Local councils ‘continue to ignore’ building affordable homes on farmland

Local authorities are continuing to ignore ways to deliver much needed affordable homes for local people across the countryside, according to a rural organisation.

New government data shows that despite a 9% increase in affordable homes built in small rural communities across England, only 51 more than the previous year were built on rural exception sites, farmland not usually granted planning permission but used for affordable housing developments.

The CLA, which represents landowners and farmers, welcomed the overall increase but said local councils across England could use these sites more effectively to help solve the rural housing crisis.

CLA Housing Adviser Matthew O’Connell said housing need is “widespread” throughout rural England.

“The increase in the total number of affordable homes being built is encouraging, however, large discrepancies between local authorities mean that certain councils are doing more than others,” he explained.

‘Missing a trick’

According to the data, Cornwall Council leads the way in number of homes built, whilst other councils lag behind.

Mr O’Connell believes local authorities are “missing a trick” by not using rural exception sites to their full potential.

“Rural exception sites are a key means of providing affordable homes in rural areas where a landowner provides land at below market value to build affordable homes for local people.

“We know that 27% of CLA members want to build affordable housing and many are keen to manage their own affordable properties. To harness this ambition, local councils and housing associations must engage with rural landowners to help bring more sites forward increasing the range of housing options for people in rural areas.

‘Hold the key’

Mr O’Connell added that rural landowners “hold the key” to easing the shortage of rural housing.

“Without challenging a few orthodoxies we are not going to solve the rural housing crisis. New build rented housing, affordable home ownership and affordable rented homes are all crucial to maintaining a living, working countryside,” he said.

To help increase the supply of affordable homes across the countryside the CLA is calling on the Government to formalise the process for landowners to manage affordable homes and implement the Housing White Paper proposals on rural exception sites.

The Housing White Paper proposed to give stronger support for rural exception sites and the role they can play in providing affordable housing for the community, even if this relies on an element of general market housing.

The CLA is also urging the government to exempt properties provided as affordable homes from liability for Inheritance Tax, and exempt the value of land sold for affordable homes from Capital Gains Tax.

Source: Farming UK

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600 homes plan for Shrewsbury deferred a second time over access concerns

A decision on plans to build 600 homes in Shrewsbury has been put off for a second time over issues with access.

Members of Shropshire Council’s central planning committee deferred the plans from Taylor Wimpey and Persimmon Homes to build the development at Weir Hill, at a meeting yesterday.

Objectors to the proposed housing development are concerned over access for construction traffic off Preston Street and are demanding that a new access road be built before work begins.

The developers had suggested that a new access off London Road would be constructed once 365 homes were built. The figure was then reduced to 250, and now 225.

Mike Carter from Shrewsbury Civic Society said: “The developers have done little or nothing to meet the concerns of the public or this committee.

“A single access route, even for 225 homes is unacceptable. Most estates have one built first. This development needs better access and better connectivity.”

Members also raised concerns about a lack of infrastructure and links to the town.

Jason Tait, agent for the application, said construction traffic would not be allowed to use London Road in peak times to alleviate congestion.

He added: “Its unreasonable to say the site would be unsustainable especially when it is earmarked for development in Shropshire Council’s own plan.

“It will bring many benefits to the area including a multi-million pound contribution to schools.”

Councillor Kevin Pardy suggested deferring the application for a second time, despite the recommendation from planning officers to grant permission.

“The public are not saying don’t build on this site – what they are saying to us is please help us get this right,” he said.

“It would be so much easier for the developer to go away and look at this again because I don’t think they have looked at it properly.

“They should go away and come back with plans that we can accept. I think we have been completely ignored.”

The developers will be asked to clarify the highways data provided as part of the proposal and the application will return to the planning committee for a decision at a later date.

Source: Shropshire Star