The sale of agricultural land in Preston paved the way for significant residential development.
The land at Old Hall Farm in Lea, which is approximately 36 acres, was purchased following a tender by Bloor Homes. Bloor Homes acquired the land in early August and now plans to build 280 homes.
The land has been marketed by Savills, with planning permission for 280 homes, 30% of which will be affordable. The development of the land is also set to unlock over £3,000,000 in planning gain for Preston City Council, through S106 contributions and the Community Infrastructure Levy (CIL).
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Ed Rooney, Savills Manchester office manager, whose team acted on behalf of a private landowner to complete the sale, said: “We are very pleased to complete this disposal for our client. The competitive and unconditional terms that have been secured reflect the continued strength of the land market in the North West, but also the scarcity of available, quality development land.
Jay Duffield, a partner at Savills who worked on the project adds: “Developers are facing additional challenges this year caused by inflationary pressures and changes in building regulations but, crucially, there is still a lack acute supply chain that forces developers to ‘think big’ to secure anchor sites and consider opportunities higher up the risk curve and further down the planning supply chain.”
Last year, the Savills North West development team completed the sale of 18 sites, totaling nearly £93million in land value, across Cheshire, Lancashire and Greater Manchester.