GVA’s Land and Development team has sold approximately 30 acres of development land at Brookfield, Middlesbrough to housebuilders Miller Homes and Story Homes.
Acting on behalf of private landowners GVA negotiated a minimum price per acre at an undisclosed sum with overage and clawback arrangements in the event that sales values increase or abnormal building costs fall.
The Brookfield site is one of Middlesbrough’s largest strategic sites and is central to the delivery of the Council’s local housing strategy. Ultimately the site is expected to deliver some 1,700 new homes alongside new community facilities, open space and infrastructure improvements.
GVA’s Newcastle Planning Development & Regeneration team worked with the Council to secure the strategic housing allocation of Brookfield in the Local Plan in 2014. The team also secured the planning permission for 299 houses on behalf of Story Homes and Miller Homes which will see new homes built at the next phase of the site. New homes are already under construction on the first phase of the site which are proving very popular.
Neil Morton, PDR Senior Director, said: “we are delighted to secure this planning permission for Story Homes and Miller Homes, in particular recognising the long involvement which we have had in bringing this key strategic site forward. GVA’s planning and agency teams worked together seamlessly in the delivery of this project”.
Ray Minto, Land and Development Director, said: “we are pleased to secure the disposal of this site on behalf of our clients, working closely with our in house planning team we have added significant value to the development and ultimately our client’s land receipts”.