Barratt Homes North Midlands has purchased 20-acres of development land at Beeston Business Park, Nottingham from the joint venture of Chancerygate and Bridges Fund Management.
The established housebuilder is set to build 310 new homes at the office and warehousing scheme by February 2020, after receiving planning permission from Broxtowe Borough Council last year.
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.”
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.
Located just three miles from Nottingham city centre, the 40-acre office and warehousing scheme is currently operated by world’s largest domain name registrar GoDaddy.
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 industrial scheme will create significant regeneration and employment opportunities to Beeston.”