A joint venture between Chancerygate and Bridges Fund Management has sold 20 acres of development land at Beeston Business Park, Nottingham, to Barratt Homes North Midlands. The housebuilder will build 310 new homes onsite, with planning permission already granted by Broxtowe Borough Council last year. Barratt Homes has already started work on the development and its sales centre on the site is expected to be open by February 2020.
Beeston Business Park is a 48-acre office, light industrial and warehousing scheme owned and operated by industrial property developer and asset manager Chancerygate and specialist sustainable and impact investor Bridges. The parcel of land sold to Barratt Homes has been earmarked for residential development since the joint venture acquired the business park in October 2015.
The development is located three miles from Nottingham city centre and provides fast access to junction 25 of the M1. It is also adjacent to the lakes and wetlands of Attenborough Nature Reserve, a 145-hectare habitat which opened in 1966 and is home to around 250 bird species. Occupiers in the office elements of Beeston Business Park include the world’s largest domain name registrar GoDaddy and subsidiaries of digital transformation group Atos.
Commenting on the sale, Chancerygate head of asset management, Rory Finnan, said: “Our deal with Barratt Homes highlights the attractiveness of this location in Beeston as a place to live and work. We are pleased to enable the redevelopment of this brownfield land to bring much-needed housing to the area. The combination of new homes from Barratt and our office and the industrial scheme will create significant regeneration and employment opportunities to Beeston.”
Barratt Homes North Midlands managing director, Chris Southgate, said: “We’re thrilled to have started work at our upcoming Beeston development and we’ll soon be providing a range of new homes for prospective buyers in Nottinghamshire. In addition to delivering a broad range of properties, we look forward to offering a financial investment as part of our commitment to this growing community.”
