Terra completes sale to Vistry for the £50m first phase of Warwickshire ‘Canal Village’ scheme

Terra completes sale to Vistry for the £50m first phase of Warwickshire ‘Canal Village’ scheme

Terra Strategic has sold the 32-acres (12.9Ha) of land for the first phase of its Hawkesbury ‘canal village’ scheme to Vistry Group for an undisclosed sum. The conclusion of the sale follows detailed planning for the 204 homes, extensive infrastructure works and community facilities being awarded by Nuneaton and Bedworth Borough Council earlier this year. 

The entire length of the development area is bounded by Coventry Canal, with vehicular access provided from Stockley Road and Sephton Drive – both off Blackhorse Road. Vistry’s phase one development will include 153 open market properties and 51 affordable homes, generating a GDV well in excess of £50m. 

As part of the sale and in advance of the PLC housebuilder starting on site, Living Space Housing – one of Terra’s sister companies – will commence work immediately to undertake circa £3m of infrastructure, community facilities and enabling works. 

The site lies just north of Hawkesbury village, which is served by regular bus routes, schooling and local amenities. A further 296 homes are proposed for the 40-acre (16.2Ha) second phase of Terra’s regeneration scheme. The Solihull-based strategic land specialist has recently lodged a planning application for the extensive collection of open market and affordable homes with the Borough Council. 

James O’Shea, Managing Director of Terra Strategic said: “Having purchased this 72-acre site unconditionally and then secured the allocation for residential development in Nuneaton and Bedworth’s 2019 Borough Plan, we are very pleased that Vistry can now bring forward the first phase of much-needed housing. This ‘canal village’ will create a vibrant new community, which is only a five-mile canalside walk or cycle ride into Coventry city centre. The scheme will have a transformative effect on the local area and provide significant community benefits, as well as quality new homes for north Warwickshire.”

The 204 homes in phase one will include one-bedroom maisonettes, two-bedroom apartments and bungalows, and two-, three- and four-bedroom family houses. The homes have been designed with a striking mixture of red brick and render. In addition, there will be a circa 2,000 sq ft community building with a dedicated car park, allotments, orchard, Public Open Space and a children’s play area, a BMX track, cycle and pedestrian routes – including a new Sustrans link – habitat enhancement, landscaping and associated highway works. 

There are four ponds/pools across the site, including Hawkesbury Farm Pool, which will all be retained and will form a key part of the ecology strategy for the scheme. The site is traversed by three public footpaths, which provide links with Hawkesbury Village to the south; Bayton Road Industrial Estate and Bedworth town centre to the west; and along Coventry Canal and beyond to Coventry Way to the north and south. The development will retain these footpaths, with new links to be created north-south and east-west through the centre of the site. New cycle ways will also be created. The scheme will also create two acres of allotment gardens with timber storage sheds and a community orchard. 

The masterplan for the whole 72-acres has been carried out by Hampshire-based Thrive Architects, with Birmingham-based Malcolm Payne Design Group responsible for the detailed design for the first phase. 

Terra Strategic is an experienced residential land specialist, which enters into agreements with landowners and then pursues, funds and secures an agreeable planning permission. It also has the financial resources to secure land with or without residential planning consent to assist landowners looking for a quick sale process. The rapidly growing company has a national reach, having secured residential land in Bedfordshire, Gloucestershire, Herefordshire, Nottinghamshire, Oxfordshire, Somerset, Warwickshire, The West Midlands, Wiltshire and Worcestershire. 

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