Grainger today announces that it has sold the first phase of its Berewood housing scheme to Bloor Homes, an 11.2 acre site with planning consent for 194 new homes (of which 77 are affordable).
Bloor Homes will begin construction in November, with the first homes expected to be completed in Spring 2013. The end gross development value ("GDV") for Bloor Homes is anticipated to be in the region of £35 mln.
The sale is in line with Grainger's strategy for Berewood, the major housing development in Hampshire, which is to sell phases of consented land to house builders after first installing infrastructure, such as roads and utilities. This is the first phase of thirteen at the Berewood development, which in total comprises 168 developable acres.
Grainger's Berewood scheme, located in Waterlooville, Hampshire, will see 2,550 new homes, two new schools, offices, retail, and two new pubs built over a 10 to 15 year period. The scheme, master planned by Savills and with phase one designed by Robert Adam of ADAM Architecture, is in tune with the garden city concept, where well-designed homes, green space and community facilities dominate the master plan.
The scheme, built and designed for long term success, comes at the same time that Grainger celebrates its 100th year birthday and as Grainger applies to set up its own affordable housing provider ("Registered Provider") in order to own and manage the affordable housing at Berewood for the long term.
Throughout the competitive tender process, Bloor Homes demonstrated that it would be an excellent development partner for Grainger because it fully understands the long term vision Grainger has for Berewood. Furthermore, it has also successfully delivered other schemes designed by Robert Adam. Grainger is looking forward to working with Bloor Homes over the next two years to implement what is a very important stage of the Berewood development.
The scheme received outline planning consent late in 2011 along with detailed planning consent for this first phase.
John Beresford, Development Director at Grainger plc, said:
"When we first met Bloor Homes they stood out as an organization which clearly understood the scheme and was very understanding of the long term nature of the Berewood development and how Grainger wants to create a fantastic place to live.
"When they were short listed I visited a few of their current schemes and was impressed with the high quality of the developments. I am very excited to see the first homes be created at this wonderful new community."
Adrian Bloor, Southern Regional Chairman at Bloor Homes, said:
"Bloor Homes are delighted to have been selected by Grainger Plc to deliver the first phase of this exciting Berewood neighborhood development. What particularly attracted our company to the project was the high quality of design and the attention to detail in the implementation of the infrastructure. Combined, these two qualities will create a premium environment which complements the Bloor Homes brand."
Source: FTI Consulting