Plans for a major sustainable mixed-use scheme in North Lincolnshire, which is set to include thousands of new homes alongside potential for high-value employment, community and leisure space, have moved a step closer with the acquisition of a major development site.
Regeneration and multi-sector property development specialist Hargreaves Land has exchanged contracts with site receivers Watling Real Estate for the conditional purchase of a 550-acre plot of land at the Lincolnshire Lakes site in Gunness, near Scunthorpe.
There, over 1,150 new homes will be created over the next 15 years as part of a major master-developer partnership that will also see potential for a new Advanced Manufacturing Park to be brought forwards on part of the site, offering commercial occupiers easy access to the nearby M181 motorway.
A 65-acre section of the site has been given a strategic allocation in North Lincolnshire’s emerging Local Plan to accommodate potential for the development of a carbon-neutral Advanced Manufacturing Park (AMP), which could in the future provide new commercial space to accommodate a range of emerging businesses, alongside research and development institutions, including those within the clean energy sector.
New construction jobs will be created when enabling infrastructure work by Hargreaves gets underway, followed by thousands more in the future as new businesses are created at Lincolnshire Lakes and existing employers relocate to the site to support their own growth and expansion plans.
Lincolnshire Lakes is expected to be one of the largest residential development schemes in the region and forms part of a wider strategic regeneration project set to transform the overall area, which will also include delivery of a new primary school, district centre and extensive areas of public open space.
The scheme will be masterplanned by Hargreaves to accord with the placemaking principles of a sustainable twenty-minute neighbourhood, with new opportunities created for active travel alongside large areas of blue infrastructure and biodiversity corridors.
Hargreaves Land is committed to bringing forward the wholescale regeneration of the site, moving ahead in a deal that will see it working closely with North Lincolnshire Council to secure outline planning consent within two years on its initial phases of development.
David Travis, development director at Hargreaves Land, said the deal marks another step forward in creating much needed quality new homes and amenities for the area.
“Lincolnshire Lakes is a very exciting investment for Hargreaves Land, reflecting our track record and continued focus in successfully delivering large-scale placemaking schemes throughout the UK.
“This includes our involvement in the on-going development of Unity, another large-scale mixed-use development in South Yorkshire which has a lot of similar constraints, where we are working with joint venture partner Waystone Developments to ensure project success.
“This deal represents a significant milestone for our overall growth as a business, and we look forward to delivering sustainable development on site over the next few years.”
Zoe Shearman, development surveyor at Hargreaves Land, added: “This moment represents the culmination of several months of hard work by our internal team and external consultants, and we now look forwards to progressing planning and marketing workstreams on the site as proactively as possible, with a view to facilitating our first phases of serviced residential plot disposals to housebuilders in the near future.”
Andrew Foster, joint Managing Director at Watling Real Estate, said: “On behalf of Watling Real Estate, we are delighted to enter into a 15-year joint venture with Hargreaves Land to bring forward this development for the benefit of all stakeholders.
“This is a very innovative solution to progress development for a challenged site, and Watling Real Estate thanks Hargreaves Land and North Lincolnshire Council for their support, assistance and flexibility in working within the parameters of a Receivership.”
Freeths law firm acted on behalf of Hargreaves Land for the acquisition while Pinsent Mason represented the receivers.
