February 9th, 2015.
Property Developments Planned for 2015
Hundreds of thousands of homes are needing to be built in order to match shortage numbers over the next decade, and some property developers are doing their best to tackle this with massive property development projects such as housing estates and tower rise living. Let’s take a look at some of the largest developments starting, underway, and ending in 2015:
1. Monkton Heathfield, Taunton
In one of the largest developments in modern times, the Monkton Heathfield project in Somerset, is set to see 4,500 homes built, costing £500million between 2013 and 2028. When in 2009 the then housing minister, John Healey, announced a second wave of eco towns, Monkton Heathfield was one of two development sites near Taunton at the top of the list. And the project got a £630,000 bursary in order to explore sustainable routes to improving building and infrastructure. By the completion of the 4,500 houses in 2028, Monkton Heathfield is expected to be a new community with schools, businesses, shops and everything else that comes with living in a village. The homes will be extremely varied with detached, semi-detached and terraced properties as well as blocks of flats.
2. South Acton Estate Regeneration Masterplan, Ealing, London
The London Borough of Ealing is now 4 years into a 15 year plan to build 2,350 homes for £560million. The transformation of Ealing’s biggest estate will take a long time, but will transform the area into a modern community hub that people are sure to be eager to live in. As well as the homes, there will be a retail centre, parks and cafes built in order to completely transform Ealing.
3. South Kilburn Regeneration Developer Framework, Brent
The London Borough of Brent will see 1,800 new homes completed this year after 4 years in development. The project has been running since 2011 and has cost developers £137million to build these high quality tenure homes. Cambridge and Wells Court in this area will be redesigned by architect firm Lifschutz Davidson Sandilands, and the homes designed by the company Catalyst. Planning permission for another 510 is being sought for flats and two tower blocks to increase the development to 2,400 homes in total.
4. Oakham Heights, Rutland
Larkfleet Homes Ltd and Hawksmead Ltd are set to bring £100million worth of homes to Oakham by 2022 in a ten year project to build 1,096 properties. As well as the regular homes there will also be a care home and a retirement community built on the edge of town, as well as offices, children’s play areas, a community centre, sports clubs, and more. There will also be a hotel, pub and restaurant too. Although there was some resistance from the local community, plans were accepted and work is now underway. Many of the properties will be built as affordable housing with sustainable features, such as allotments and solar PV.
5. Windsor Park, Buckingham
London Road in Buckingham is now half way through a makeover with 700 new homes being built. The 72 acre site on the edge of town sees Barratt, David Wilson and Bovis Homes building the properties, and like many of the other developments on this list, a new community with a school, sports facilities and public spaces. Bovis has announced they will also be making a £3million contribution to local services and much of the building will be for a social housing provider, which is yet to be named.
Are you interested in buying property in any of these developments, or perhaps starting your own development project? Then speak to our qualified finance brokers today.
Note: All data is from Barbour ABI.