Danescroft and Fiera Real Estate package delivered at 5.3 acre Newport Pagnell residential site
Danescroft and Fiera Real Estate are pleased to announce the sale of their 5.3 acre site at Little Linford Lane, Newport Pagnell, to Paradigm Housing for over £6 million. Having acquired the site unconditionally, Danescroft, funded by Fiera Real Estate, successfully obtained full planning consent for 77 homes, including 30% affordable housing. Following detailed design development and a competitive tender, contract terms were agreed by Danescroft with Wildgoose Construction. The site was sold to Paradigm with Wildgoose in contract to build the new homes providing an immediate start on site and early provision of much needed housing in Milton Keynes, where a delivery shortfall was identified last year.
The sale will help Paradigm Housing, one of the South East’s leading housing associations with over 15,000 homes under management, to deliver on their intention to build over 300 new homes in the next 12 months. Following recent major schemes also announced with the Guinness Partnership and Clarion Housing, Danescroft are currently responsible for delivering over 1,300 new homes in partnership with some of the most active UK Housing Associations.
This transaction represents the first sale in the £70million Residential Land Partnership (“RLP”), run by Fiera Real Estate in association with Schroders Real Estate.
RLP has provided investors with a unique opportunity to address the undersupply of new housing across the UK, while generating strong returns through the acquisition and transformation of sites for residential development.
James Trelfa, Director at Danescroft Land commented “We are pleased to have completed the transaction with Paradigm, our 4th major deal in the last two years with UK Housing Associations. Having acquired the site unconditionally in 2018, an unutilised and redundant piece of land will now provide 77 new homes for local people ”
Chris Button, Fund Manager at Fiera Real Estate commented “We are delighted to have completed the sale of this asset which illustrates our ability to assist with providing much needed housing in the UK. We have over £100m to spend on similar unconsented sites with residential potential.”