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Read MoreFoundations are laid for future growth in house building
Foundations are laid for future growth in house building
The future of new home building in Lincolnshire looks bright, as the sale of six mothballed sites across the county is set to prompt increased activity within the sector.
Located across East and West Lindsey, the sites were successfully purchased by Northamptonshire firm Bowbridge Strategic Land, a part of the Bowbridge Group, late in 2019, when the previous owner, construction giant Kier, announced its withdrawal from the residential property sector.
With planning permissions in place, Bowbridge is keen to see the sites up and running again, following the completion of the purchases in December. They are located in Bardney, Sutton on Sea, Chapel St Leonards, Stickney, Ingoldmells and Coningsby. The firm also purchased a seventh site, in Market Rasen, from Kier that is currently undeveloped, but is believed to have future potential.
The multi-million-pound deal facilitates the construction of up to 460 dwellings across the six sites for properties designed for first-time buyer families, and affordable factory-built homes for the over 55 market. Some plots are available for the expanding self-build market too and Bowbridge is now working closely with Stuart Robinson, a well-known local property professional, to sell the land in suitable parcels to local developers.
Wilkin Chapman Property team Partner Jonty Pearson
Bowbridge Managing Director, Norman Paske said: “We are delighted to have taken over these sites, a move that displays a real confidence in the property market in Lincolnshire, a county that is an increasingly desirable place to live.”
Mr Paske praised the expertise of the Housing and Development team at the Lincoln office of Wilkin Chapman solicitors for ‘pulling out all the stops’ to ensure that completion of the acquisition took place and that the challenging deadline was achieved.
There was also an appreciation of the work that was done by Wilkin Chapman’s Corporate & Commercial team in securing the necessary financial aspects of the sales – again within a very short time frame.
“Working together with the support we received from Wilkin Chapman and the fact that the firm has a specialist Housing and Development team, which is highly knowledgeable and understands the sector, enabled us to move forward as quickly as we did and get the result that we wanted,” added Mr Paske.
Wilkin Chapman Property team Partner Jonty Pearson was delighted with the co-ordinated work that took place to meet the tight timescales and said the interest in these sites reflected a buoyant residential property sector across Lincolnshire.
“With the six sites in a various state of development, there were complications that you normally do not encounter, and the teams here worked extremely hard to ensure the challenges were overcome and, in doing so, we were able to achieve our client’s objective,” explained Jonty.
With house prices across the region predicted to rise – matched by increased activity in the property market across Lincolnshire – Jonty is confident of a growing demand for new homes.
“The end of 2019 and the start of this new decade has seen good activity within a sector that is witnessing more development opportunities. A sensible approach is also being adopted, balancing planning needs with the demand for new homes as we see the towns and villages around Lincoln and beyond in Lincolnshire ever-growing in their popularity, reflecting the growth of our city,” he added.
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