ONE OF the North East’s most ambitious residential developments is set to begin, with Tolent appointed to commence work. Sunderland City Council has signed a deal that will see North East based Tolent take on the construction of 135 ultra-modern homes that will form the new Vaux neighbourhood at Riverside
hub South West Scotland and Cruden Building, part of the Cruden Group, have started work on a third affordable housing development in Avon Road in Larkhall on behalf of South Lanarkshire Council. This is the third new housing development in a series of new developments that Cruden, as hub South
Construction on Kangaroo Works, Sheffield City Centre’s new 14-storey residential development, reached an important milestone this week with Henry Boot Construction completing the highest point of the structure. The Kangaroo Works development on Trafalgar Street, which forms part of Sheffield City Council’s Heart of the City programme, has been gathering
There was a point in your life when a larger home was absolutely essential. Whether it was to raise a family or accommodate regular guests, there are years when a big house is full of noise and life, and even the largest of spaces still has a cozy family feel.
Construction at Millwrights Place and Coopers Court, Finzels Reach, Bristol, has reached a major milestone with ‘topping out’ being achieved. The projects form the second Cubex/Grainger Build to Rent scheme in the city, providing high-quality rental homes and much needed affordable new homes for Abri. Councillor Tom Renhard, Cabinet Member
The latest phase of the Council-led regeneration of Greendykes is set to move ahead following a funding boost of just over £620,000. Secured from this year’s Vacant & Derelict Land Investment Programme, the funding will enable the Council to clean a site in the area of contamination and improve ground
Shared ownership provider SO Resi has launched a new development in Stanford-le-Hope, Essex, that uses the latest in construction and microgeneration technology to create homes that are greener, warmer and cheaper to run. Unveiled last weekend (Saturday 11th June), SO Resi Hope Green comprises a total of 153 new homes
Springfield acquires premium Scottish housebuilding business and timber frame factory… Springfield Properties (AIM: SPR), a leading housebuilder in Scotland delivering private, affordable and PRS housing, is pleased to announce that it has entered an agreement to acquire the Scottish housebuilding business of Mactaggart & Mickel Group Ltd (“Mactaggart & Mickel”),
Independent West Country housebuilder Devonshire Homes has exchanged contracts for the acquisition of land for contemporary new build homes in West Yelland, North Devon. This latest acquisition is testament to how the housebuilder is accelerating its five-year growth plan. The announcement comes just three weeks after Devonshire Homes revealed it
The conversion of an iconic cottage hospital into a community hub and nine affordable homes was officially marked by the community of Southwold and Reydon on Friday 17 June 2022. Southwold and Reydon is the first community in England and Wales to buy back its community hospital to provide much
ONE OF the North East’s most ambitious residential developments is set to begin, with Tolent appointed to commence work. Sunderland City Council has signed a deal that will see North East based Tolent take on the construction of 135 ultra-modern homes that will form the new Vaux neighbourhood at Riverside Sunderland, the first of 1,000 homes planned for the area as part of ambitious plans to double the number of people living in the city centre. The £40m project will see Tolent construct the stunning sustainable houses using modern methods of construction, renewable energy and smart technology to reduce the carbon footprint of the development, producing high quality, low carbon properties in the heart of the city. The homes will stand alongside The Beam and City Hall – the latest development to rise from the ground at Riverside Sunderland. One of four new communities that will take shape at Riverside, construction work on the scheme is expected to commence within weeks, forming the first of the new distinct neighbourhoods that will create city centre housing for up to 2,500 residents. The homes will provide a future living offer that will attract new and existing Sunderland residents to live in the vibrant city centre, with the homes sitting alongside the orchards and allotments of Kingsley Gardens and nearby Riverside Park, which is continuing on its journey towards an accessible, attractive and ecologically diverse parkland. The Vaux neighbourhood will be the site of the Expo Sunderland in 2024 which will showcase the new homes and the aspirational lifestyle offer that Sunderland will provide. Included in the scheme will be a cluster of award-winning dwellings, that were selected as the best in the national Homes of 2030 Design Competition – which explored how homes will look and function in the future. The properties are based on the winning designs in the Homes of 2030 competition, which was launched in March 2020, and managed by the Royal Institute of British Architects, to encourage the design of environmentally-friendly homes that support people in leading independent, fulfilling lives as society ages. +Home designed byigloo Regeneration with Useful Projects, Expedition Engineers and Mawson Kerr andConnector Housing designed by Openstudio with Hoare Lea, LDA Design and Gardiner & Theobald were the joint winners of the competition, and it is their designs that will stand proudly on the site if approved, shining a spotlight on future living and showcasing the ambitious plans the council has to make Sunderland a world-class place to live, work and play. Councillor Graeme Miller, leader of Sunderland City Council, said: “We’re absolutely thrilled to have taken this final step to get work started on our flagship residential scheme at Riverside Sunderland. The housing developments on Riverside Sunderland will be world-class, and Tolent is an ideal partner to deliver them, based locally and capable of building these aspirational homes. “We’re innovating with this scheme, using modern methods of construction, renewable energy and smart technology that align to our low carbon and smart city ambitions, and that will also allow the next generation to learn how to build the homes of the future, as we also push ahead with the Housing Innovation and Construction Skills Academy (HICSA), an important part of the housing ecosystem we’re trying to create in Sunderland.” HICSA is backed by the Government’s Levelling Up Fund and will create a state of the art learning space at Sheepfolds, where – in partnership with Sunderland College and the Ministry of Building Innovation and Education (MOBIE) – the council will ensure that the city’s residents are trained up in modern construction methods that will enable them to build many of the 1,000 homes set to be developed on Riverside Sunderland, as well as elsewhere in the city. As HICSA prepares to take shape, Tolent – a firm that will deliver significant social value – will ensure that the first new homes deliver the maximum local advantage, with a range of commitments to work with local people and support the local supply chain, as well as voluntary and community organisations across Sunderland. In all, over £17m of social value activity – including supporting local jobs for a range of people including apprenticeships and placements, a commitment to spend in the local area through the growth of regional supply chains and a variety of schemes to engage with local community groups – will be delivered during the construction phase of the project. Paul Webster, chief executive officer of Tolent, said: “Vaux neighbourhood is an amazing project that showcases the strides being taken in Sunderland to modernise the city centre. The world-class houses being built will provide a community fit for the future and an archetype for sustainable housing. As a truly local business, we are proud to be involved in the project and to showcase our ability to meet and exceed the capabilities of national contractors on a local level. The project will complement a number of local landmarks that we have constructed including The Beam, Beacon of Light and Echo Building. We have been working closely with the entire team since being appointed preferred bidder back in September and we can’t wait to get started!” Construction work on the development is due to commence during the summer and the first tranche of homes will be completed by the end of 2023. The housing is part of an ambitious and exciting masterplan for Riverside Sunderland that will include residential, commercial and leisure developments. It is part of a programme of development projects in the Riverside Sunderland area that, taken together, aim to double the residential population in the city centre and increase employment by 50 per cent and also fits with the city’s housing strategy, which will see 7,000 new homes build by 2030. To stay up to date with Riverside Sunderland developments, visit www.riversidesunderland.com or follow @RiversideSund on social media.
hub South West Scotland and Cruden Building, part of the Cruden Group, have started work on a third affordable housing development in Avon Road in Larkhall on behalf of South Lanarkshire Council. This is the third new housing development in a series of new developments that Cruden, as hub South West Scotland’s construction partner, is building in South Lanarkshire to support the local housing strategy. The latest £6.5m project, designed by MAST Architects, will see 38 new homes developed at the former site of Craigbank Primary School on the edge of Morgan Glen. This modern housing development will consist of several house types, ranging from one bedroom cottage flats to four-bedroom semi-detached properties. All of the homes are equipped with a number of energy-efficient features including photovoltaic (solar) panels. Work on this latest development comes as hub South West Scotland and Cruden have successfully completed two new housing developments for South Lanarkshire Council, supported by grant funding from the Scottish Government – Auldkirk, a £7.4m 48-unit development in Cambuslang, and Glengonnar, a £3.48m 20-unit housing development in Larkhall. Councillor David McLachlan, Chair of Housing and Technical Resources at South Lanarkshire Council, said: “I’m delighted that the Council is continuing its commitment to increase the supply of affordable housing across South Lanarkshire. By working with a range of partners, the council aims to ensure the needs of tenants continue to be met and the quality and type of available housing is improved.” Michael Ross, Chief Executive of hub South West Scotland, added: “We are excited that construction is underway on the Avon Road housing development in Larkhall. This is our fifth social housing project as development partner of South Lanarkshire Council and our third social housing project with Cruden Building as our construction partner. With all these projects, we have been able to see the valuable impact of enhancing the local housing strategy along with the benefits to the local community and economy in using the hub South West partnership model. Gordon Lee, Partnering and Procurement Director of Cruden Building said: “This is an important milestone as we start work building this third modern and sustainable housing development for hub South West Scotland and South Lanarkshire Council. Not only will this trio of housing developments make a huge difference to the lives of residents, but the wide range of benefits to the local community will leave a lasting legacy for years to come.”
Construction on Kangaroo Works, Sheffield City Centre’s new 14-storey residential development, reached an important milestone this week with Henry Boot Construction completing the highest point of the structure. The Kangaroo Works development on Trafalgar Street, which forms part of Sheffield City Council’s Heart of the City programme, has been gathering momentum in recent months and now the building’s concrete frame has reached its highest point – 46 metres from the ground. A joint venture from US investor Angelo Gordon and real estate experts Ridgeback Group, Kangaroo Works will see an injection of 365 high-quality homes into the city centre. A mix of one, two and three-bedroom apartments, with five commercial units included on the ground floor, the block’s design features a distinctive brick façade that nods to the site’s former industrial heritage. The stylish urban development is complemented by a landscaped central courtyard and rain garden. To celebrate the scheme’s latest milestone, the project’s Sheffield-based contractor, Henry Boot Construction, welcomed key representatives from Sheffield City Council, Ridgeback Group, David Ashley Construction, Whittam Cox Architects and Sweco on 28 June for a tour of the site and an official topping-out ceremony. Tony Shaw, Managing Director for Henry Boot Construction, commented: “This has been a challenging city centre site so we’re absolutely delighted to reach the highest point of the build on track. It’s been a great achievement by the team and today was a nice opportunity to showcase the progress we’ve made to date. Kangaroo Works is one of the largest residential schemes in South Yorkshire and, as a local business, we’re proud to be involved.” Christopher Allen, Senior Development Manager for Ridgeback Group, added: “This part of Sheffield of undergoing rapid change and it is exciting to be involved in the delivery of one of the key sites within Heart of the City. Topping out is always a significant milestone and we hope that most of the site complexities are now behind us. We are looking forward to launching 365 rental apartments later this year and welcoming new residents in 2023.” Kangaroo Works is due to be completed in the first half of 2023. The development sits alongside other key Henry Boot Construction projects within Heart of the City, including Pound’s Park, Elshaw House and Cambridge Street Collective.
There was a point in your life when a larger home was absolutely essential. Whether it was to raise a family or accommodate regular guests, there are years when a big house is full of noise and life, and even the largest of spaces still has a cozy family feel. But what happens when you’ve served your parental duties and waved off your children as they set off to start families of their own? Does all of that space still seem important to you, or are you suddenly finding yourself in a large but extremely empty space? Whatever your reasons for wanting a change in scenery, many people are downsizing into smaller, more stylish homes after they’ve made use of the larger places. If you’re considering moving into a smaller space that’s perfect for the next stage of your life, take a visit to websites like Compass.com and see the wide range of options available to you. In the meantime, keep these things in mind as you look to downsize in a new home to make your next move go as smoothly as possible. Reasons to downsize your home While no two reasons to downsize a home will ever be exactly the same, they tend to fall under some of the same broad categories. Perhaps you simply feel that the house has far too much space now the kids have moved out, and you see no point in staying there. This is a perfectly valid reason. After all, who wants to pay large energy bills and have to clean a huge house that’s totally empty? Or maybe you want to downsize to help get some money together for your retirement? Many people choose to sell up and scale down so that they can make the most of their new start in life. It could just be that you’ve never had kids but you want to experience a brand new area, perhaps away from the hustle and bustle of the big city. Either way, downsizing in style is an increasingly popular venture. What will you want in the future? Downsizing your home shouldn’t feel like the end of an era. Instead, it should feel like the beginning of a new adventure. Chances are that you’ve spent the last few decades either raising a family or working extremely hard to succeed in your career (possibly even both!). Think of this as the chance to find your dream home and not a place that’s designed to please others for a change. This should be a space where you can dream big and live with an understated sense of inner happiness. Declutter to reduce moving day stresses Moving from a larger home into a smaller space requires some strict rules about what you’ll take with you and what’s going to be sold at the next yard sale. This is an opportunity to let go of some unnecessary items and random pieces of furniture in favor of taking only the essentials. You don’t want to take it all with you and make moving day an even bigger struggle. Stay realistic about what’s no longer needed in your new place, and look forward to making this smaller space your very own.
Construction at Millwrights Place and Coopers Court, Finzels Reach, Bristol, has reached a major milestone with ‘topping out’ being achieved. The projects form the second Cubex/Grainger Build to Rent scheme in the city, providing high-quality rental homes and much needed affordable new homes for Abri. Councillor Tom Renhard, Cabinet Member for Housing, Delivery and Homes at Bristol City Council, laid the final piece of concrete at Millwrights Place alongside representatives from the respective owners of the two schemes, namely housing provider Abri and Build to Rent Landlord Grainger plc. Millwrights Place, developed by Cubex for Grainger plc, who will own and operate the scheme when complete, will provide 231 ‘Build to Rent’ homes created specifically for renters. All new homes will be professionally managed by Grainger’s dedicated onsite Resident Services team and in addition to offering high quality homes there will be a strong emphasis on shared resident amenity spaces, including roof top terraces, residents’ lounge, gym, co-working space and shared entertainment spaces. At ground level there will be co-working spaces custom-made for those working independently or running their own business. Grainger, the UK’s largest listed residential landlord and a FTSE-250 listed business has over 100 years’ experience as a residential landlord and is a leader in the UK private rental market, leading the way in the emerging Build to Rent sector and raising the bar in the rental market by providing high quality, mid-market rental homes for young professionals, key workers and families on regular incomes. Coopers Court, developed by Cubex for the social housing provider Abri, will deliver 66 affordable homes consisting of 48 homes for the social rented market and 18 for shared ownership. The energy-efficient building includes a bio-diversity roof amenity space, 94 cycling spaces and only four car parking spaces in line with the city’s drive to help tackle the environmental crisis. Together, Coopers Court and Millwrights Place will help to address the housing crisis in Bristol by providing social housing, an opportunity for first-time buyers to get on the property ladder and high-quality rental accommodation all of which is much needed in the city. Both buildings have been designed to have strong identities and a sense of place, whilst ensuring they integrate well with the surrounding area. Significant investment in improvements to the area around the buildings, including new landscaping, traffic management, pedestrian and cycle routes, will help create a more attractive area and foster a sense of community. As part of a £2.4m investment in improvements around the site, there will be new ‘pocket parks’ with seating and soft landscaping to create relaxing spaces the whole community can enjoy. As well as Coopers Court and Millwrights Place, the second phase of Cubex’s mixed-use Finzels Reach development on the former fire station site, incorporates a landmark, sustainable 116,000 sq. ft office building named Halo, with notable tenants confirmed including international legal firm Osborne Clarke and accountancy firm Deloitte. Councillor Tom Renhard, Cabinet Member for Housing Delivery and Homes, said: “Demand for housing in Bristol far outstrips the number of homes available and it’s vitally important that we deliver a mixture of different types of housing to meet our city’s need. These new developments at Finzels Reach, offering affordable homes for social rent and shared ownership, and managed homes for rent, demonstrate that by working together we can deliver good quality homes for all. “We’ve got Bristol building since 2016, with over 9,000 new homes delivered for Bristolians. These new homes in central Bristol will add another 297 to that total – including 66 new affordable homes.” Peter Walford, managing director at Cubex, said: “We are thrilled to have reached this important milestone on Coopers Court and Millwrights Place, an integral part of Finzels Reach phase two. Thanks to a successful partnership approach with both housing provider Abri and professional landlords Grainger, plus our construction partner Wilmott Dixon, this once-derelict city centre site is fast being transformed into much-needed, high quality affordable accommodation to add to the 440 homes we have already delivered at Finzels Reach. Neal Stephens, managing director from Wilmott Dixon Wales and West, said: “Together, Millwrights Place and Coopers Court are the fourth project that we have worked on alongside Cubex and as part of this long standing and collaborative partnership we are delighted to have the opportunity to deliver this regenerative development. Millwrights Place and Coopers Court will provide much needed high-quality housing in Bristol, and we at Wilmott Dixon are proud to be part of the team that has delivered this landmark scheme.” Helen Gordon, Chief Executive at Grainger plc, said: “We are delighted to have reached this milestone for our Millwrights Place development – a great addition to our Bristol portfolio and delivering much needed new homes in one of our key target cities. We look forward to seeing the development progress over the coming months in the lead up to our launch – providing high quality homes, a commitment to excellent customer service and establishing a thriving new community for renters in Bristol.” Michelle Hyde, head of land and planning at Abri, commented: “It’s great to be a step closer to providing affordable homes in such a central location in Bristol and to be helping to transform a former derelict site into a place of real value for the community. “On our part, Abri is committed to delivering 12,500 new homes by 2030 and Coopers Court is a great example of how working with our partners we’re collectively helping to tackle the unmet housing need.” Cubex bought the former fire station site in summer 2018 on behalf of Fiera Real Estate Opportunity Fund IV (UK), a programmatic joint venture by FRE UK that is exclusive to clients of CBRE Global Investment Partners (CBRE GIP). Award-winning Finzels Reach is one of the largest mixed-use developments in the South West. The first phase, which is complete, includes 440 new apartments, 240,000 sq.ft of office space including two Grade A office buildings, a 168-bedroom Premier Inn, plus a host of
The latest phase of the Council-led regeneration of Greendykes is set to move ahead following a funding boost of just over £620,000. Secured from this year’s Vacant & Derelict Land Investment Programme, the funding will enable the Council to clean a site in the area of contamination and improve ground conditions, while work begins to design new, affordable, net zero carbon homes. The Council expects to fund the build of around 130 homes on the site. Regeneration expert Urban Union has been appointed to deliver the properties and will progress plans via the Edinburgh Home Demonstrator Programme – an innovative new business model for delivering affordable homes based around greater use of offsite construction. Through collaboration with local and national government, academia and the construction industry, the Edinburgh Home Demonstrator Programme will establish improvements in new affordable housing with a focus on time, cost, quality and carbon reduction. The programme was set up to develop and test a new business model for the construction of affordable homes using offsite construction methods. It has the potential to transform the productivity and performance of affordable housing and enable a move towards homes build to net zero standards. Planning permission in principle has already been granted as part of an existing masterplan. In the coming months, the Council and Urban Union will engage with local people on home designs and, subject to ground works, it is anticipated that the first properties will be delivered in phases from early-2024 to mid-2025. Councillor Jane Meagher, the Council’s Housing, Homelessness and Fair Work Convener, said: “Never has our need for better housing been greater as we face a cost-of-living crisis and a climate emergency, so we need to be really ambitious and use the small amount of space we have in our city creatively. “For years, developers have overlooked this empty piece of land because of how complex it is to unlock. Yet, it’s situated minutes away from the Innocent Railway cycle path and is close to the Royal Infirmary and local employment. The area benefits from countless bus links into the city centre and it is a fantastic place to live. “I’m thrilled that we’re going to be able to put the green back into Greendykes and we’ll work with local residents as we create these new net zero carbon homes. The funding will help us to transform the land and the local environment, while also providing new affordable and efficient places for people to live in line with our major housebuilding strategy.” Neil McKay, Managing Director, Urban Union said: “As a delivery partner for the regeneration of Greendykes, it is our responsibility to ensure that we provide homes that not only create a community but that bring benefits to the occupiers and the wider environment. “By utilising the Edinburgh Home Demonstrator Programme, the Council is showing its commitment not only to its tenants through the selection of quality homes but to innovation and the city’s pledge to be net zero by 2030. “We are looking forward to meeting with the local residents to discuss the plans for the new homes and to obtaining their valuable input which will make sure that Greendykes becomes a blueprint for city centre regeneration.”
Shared ownership provider SO Resi has launched a new development in Stanford-le-Hope, Essex, that uses the latest in construction and microgeneration technology to create homes that are greener, warmer and cheaper to run. Unveiled last weekend (Saturday 11th June), SO Resi Hope Green comprises a total of 153 new homes – 138 two-, three- and four-bedroom houses and 15 two-bedroom apartments – the vast majority of which will be operationally zero carbon. In a UK-first, four of the homes are guaranteed to have no energy bills. Kush Rawal, Director of Residential Investment at SO Resi, said: “At a time that many people are struggling with high energy bills, it is pleasing to launch the first and largest operational net zero carbon development in the UK. We put much emphasis on sustainability, and it is rewarding that our focus has resulted in this memorable milestone. Green living often comes at a cost and usually is unattainable for the affordable housing sector. However, as a united development team with our partners, we have shown that it’s both achievable and needn’t compromise on the quality of the houses or the setting.” The homes at SO Resi Hope Green will be built around a significant amount of green open space. To add to the appeal for families, the area will include play areas, nature trails, plus a network of footpaths and cycleways meaning the nearby town is easily accessible for jobs, shops and the train station into London Fenchurch Street. The scheme also includes biodiversity areas and attractive water features to encourage local wildlife and add to the attractiveness of the neighbourhood. SO Resi is working with ilke Homes, a modular housing pioneer that delivers high-quality, energy-efficient homes in half the time of traditional methods, and includes ilke Zero, the UK’s first mainstream zero carbon housing offering. Low-carbon technologies will be supplied by Octopus Energy, which is providing a tariff specifically for Hope Green residents to give free, clean energy around the clock. Funding has been arranged through Gresham House, a specialist alternative asset management group, dedicated to sustainable investments. The new homes come with air source heat pumps, which require just a third of the energy of conventional heating systems, solar panels and battery storage technology fully installed. In addition, the homes will be highly insulation, including airtight windows and doors, feature high-performing building fabric and have low-cost LED lighting throughout. This means, not only will they generate enough energy for each house to be operationally carbon neutral, but also give potential for income from exported electricity. Stanford-le-Hope is a small town that retains a village feel, with the river Hope running through its centre and the 800-year-old St Margaret’s Church providing a beautiful landmark. Thurrock Thameside Nature Reserve is nearby, home to native reptiles and butterflies. A highlight of the visit is the walking the causeway over the lake, which is rich in biodiversity and home to many varieties of birds, including ringed plovers, shelducks, dunlins, black-tailed godwits and redshanks. Alternatively, follow the Thames Estuary Path towards Pitsea, taking in quiet marshland and fields. There are plenty of local shops in Stanford-le-Hope, but the development is ideally situated for more serious retail therapy – Lakeside shopping centre is 20 minutes away by train or car, Basildon’s Eastgate Centre is a 10-minute drive and Bluewater shopping centre is less than half an hour away. There is a good selection of nearby schools to choose from, with several primary schools and a secondary school rated as Good by Ofsted in the town. Prices start from £88,500 for a 30% share in a two-bedroom house with a full market value of £295,000. For more information call 0208 607 0550 or visit www.soresi.co.uk.
Springfield acquires premium Scottish housebuilding business and timber frame factory… Springfield Properties (AIM: SPR), a leading housebuilder in Scotland delivering private, affordable and PRS housing, is pleased to announce that it has entered an agreement to acquire the Scottish housebuilding business of Mactaggart & Mickel Group Ltd (“Mactaggart & Mickel”), which has been delivering high-quality housing across the Central Belt of Scotland for almost 100 years. The total consideration is £46.3m, comprising £10.5m cash paid on completion and a deferred cash consideration of £35.8m to be paid proportionally as homes are sold over the next five years (the “Acquisition”). The Acquisition will be funded from Springfield’s internal resources and existing debt facilities with Bank of Scotland. Under the terms of the Acquisition, the Group has acquired six live private and affordable sites with work in progress with a fair value of approximately £15m and fixed assets. The Group has also acquired a brand licence to build homes as Mactaggart & Mickel on a further 11 private and affordable sites, which will transfer to Springfield as homes are sold in line with the payments of the deferred consideration. The total 17 sites, of which 16 have planning permission and equating to the delivery of c. 700 homes, have a gross development value of c. £230m. The Group expects to generate gross margins on these sites materially in line with margins delivered by the rest of the Group. Springfield intends to retain all of Mactaggart & Mickel’s housebuilding business employees. The Acquisition also includes Timber Systems, a timber frame factory near Glasgow. The Group already constructs 90% of its homes from timber kits and the addition of a second timber frame factory will secure kit supply and increase capacity for future growth while further reducing its carbon footprint. Springfield will retain all of Timber Systems’ employees. In addition, Springfield and Mactaggart & Mickel have established a strategic alliance with an agreement that gives Springfield opportunities for future acquisitions of sites from Mactaggart & Mickel’s remaining land bank of approximately 2,300 acres across Scotland. The housebuilding business of Mactaggart & Mickel is a premium brand housebuilder primarily targeting the larger private home market. The land bank is in highly desirable locations within the Central Belt of Scotland, expanding the Group’s footprint in areas with a higher price point. The payment of the deferred cash consideration is subject to an annual minimum payment of £7.7m from the second year following completion. Each annual minimum payment will be reduced by any excess deferred consideration paid by the Group over the annual minimum payment in the prior year. The Group has the option to defer any year’s minimum payment by 12 months. The consideration for the Acquisition will initially be satisfied from the Group’s existing cash and debt facilities and the deferred consideration will be paid proportionally as homes are completed. It will also partly utilise the Group’s existing uncommitted land purchase budget for the next five years. The Acquisition is expected to be earnings enhancing in the current year to 31 May 2023. For the year to 31 May 2022, the Group expects to report results in line with market expectations, with good revenue growth and a better-than-expected reduction in net debt to c. £39.0m at year end (30 November 2021: £43.0m). Further details will be provided in the Group’s full year results announcement, which is expected to be published in September 2022. Innes Smith, Chief Executive Officer of Springfield Properties, commented: “We are very pleased to welcome Mactaggart & Mickel’s Scottish housebuilding business into the Springfield Group. As well as bringing another premium brand into the Group, this acquisition gives us land, with planning permission, in areas of significant demand. The structure of the acquisition – with the majority of the payment to be made as homes are completed – de-risks the deal and creates an effective and efficient means of acquiring land. “The addition of a timber frame facility in the Central Belt, alongside our existing facility in Elgin, secures our supply of timber kits and provides further capacity to support our next stage of growth. It will also reduce our carbon footprint by enabling local manufacture of all kits. “We welcome our new colleagues to the Group and look forward to working together to continue delivering high-quality homes across Scotland.” Paul McAninch, Group Finance Director of Mactaggart & Mickel, added: “We welcome this agreement with Springfield, which we believe provides a strong platform for growth for both parties. “Our company has had a proud tradition as a leading housebuilder in Scotland, which is built on the work of its dedicated teams. “This tradition will continue, and I’m pleased that there will be continuity of employment as a result of this agreement. I’d like to thank all our staff for their dedication over the years as we look to our second century as a successful business. I’d also like to wish transferring colleagues every success for their future.”
Independent West Country housebuilder Devonshire Homes has exchanged contracts for the acquisition of land for contemporary new build homes in West Yelland, North Devon. This latest acquisition is testament to how the housebuilder is accelerating its five-year growth plan. The announcement comes just three weeks after Devonshire Homes revealed it had exchanged conditional contracts on 36 acres of land in Penzance. The West Yelland site strengthens the award-winning housebuilder’s presence in North Devon, where construction has recently started on its East-the-Water site, The Grange. This development, known as the ‘Sun Houses’, is located in the desirable village of Yelland which is between the coastal village of Instow and Fremington, off Yelland Road. Within a short distance the popular beaches of Westward Ho! and Saunton Sands can be found and Yelland has easy access to the A39 and A361. This architecturally exciting scheme designed by Guy Greenfield Architects will complete the development and deliver 27 open market and 22 affordable homes in North Devon. The three, five and six bedroom detached homes are in an elevated position and make the most of their southerly aspect with estuary views and are surrounded by green, wooded hillside. Designed to maximise the use of natural light with large expanses of glazing, the open plan living makes the most of the desirable outlook benefiting from living areas and at least one bedroom South facing into a walled garden. The stylish contemporary homes take on a modern interpretation of the traditional bungalow. Devonshire Homes will invest more than £430,000 in the local community under the S106 contributions, including: £294,225 towards education, £127,291 towards recreation and £10,000 towards play equipment. Benefitting the existing occupied homes on the centre of the site, Devonshire Homes will also resurface the neighbouring roads which adjoin the site. Angus Cook, Managing Director at Devonshire Homes, commented: “We’re delighted to announce that we have exchanged contracts on land in West Yelland just three weeks after securing land in Cornwall. We are focused on securing excellent development sites and I am pleased we’ve been able to do exactly that here. As an independent and West Country housebuilder, we are able to react rapidly and progress quickly when this type of land opportunity arises, and we look forward to bringing more of our high-quality, new build homes to North Devon house hunters who need them. “These new homes will be truly spectacular. Each property has been carefully designed to make the most of their elevated position on the North Devon coastline so that homeowners can truly embrace the beautiful views. “Construction will start later this year and we will ensure to communicate with the existing homeowners already on site throughout the project. “If you are landowner or agent looking for a developer capable of delivering on their promises, Devonshire Homes should be your first call. This deal has set a new record for the business, going from nothing to an unconditional exchange in 4 days!” The acquisition of land in West Yelland is another important strategic milestone for Southwest based Devonshire Homes. The 30-year-old residential home developer is aiming to double turnover and build 400 homes per annum by 2026. The Devonshire Homes team has decades of experience in building new communities across the West Country with current developments including: The Grange, Bideford; Tarka View, Crediton; Longston Cross, Bovey Tracey; Applegate Park, Kingsbridge and Gwallon Keas, St. Austell. To find out more about Devonshire Homes, visit www.devonshirehomes.co.uk.
The conversion of an iconic cottage hospital into a community hub and nine affordable homes was officially marked by the community of Southwold and Reydon on Friday 17 June 2022. Southwold and Reydon is the first community in England and Wales to buy back its community hospital to provide much needed affordable housing and community facilities in the area. Four of the homes are for affordable rent and five are for shared ownership with all homes prioritised for people with a local connection to the area. The community hub has breathed new life into Southwold by providing a new home for the town’s library, a nursery, farm-to-fork café and co-working space for local entrepreneurs, freelancers and remote workers. Originally funded and built by local people 125 years ago, Southwold’s cottage hospital was closed by the NHS in 2015. Fearing the locally-listed building would be demolished and redeveloped into second homes and holiday lets, the local community developed an ambitious plan that led to the formation of a social enterprise, the Southwold and Waveney Valley Regeneration Society Ltd, known as SouthGen. SouthGen campaigned to save the building and worked with rural affordable housing specialist, Hastoe Housing Association, to buy the site. It was an innovative transaction in which both partners’ involvement was crucial. In March 2018, SouthGen bought the freehold and sold it to Hastoe, which then provided SouthGen with a 999-year leasehold for a pepper corn rent. Work on the conversion began on site in summer 2019 and the homes and community hub were developed in partnership with architects Wellington and Modece Architects, building contractor Wellington Construction, and employer’s agent Potter Raper. All partners, as well as the local MP and councillors, attended the official completion of works. The occasion was commemorated with the planting of a Victoria Plum tree. The tree was chosen because work to build the original hospital had started 125 years ago on the occasion of Queen Victoria’s Diamond Jubilee on 22 June 1897. The refurbished hospital was completed in June 2022, coinciding with the Queen Elizabeth II’s Platinum Jubilee. Jessica DeGrazia Jeans, Chair of SouthGen, said: “This project has inspired a truly amazing community spirit. Hundreds of volunteers have participated in all aspects of the project from campaigning, doing the feasibility study, putting in the initial bid and buying the site, right through to funding the project, and maintaining the building’s integrity, design and community use. “We have been fortunate to receive generous grant support from the Community Business Fund, the New Anglia Local Enterprise Partnership, the Architectural Heritage Fund, the Reaching Communities Fund, the Denby Charitable Fund, the Ben and Phillipa Johnson Family Foundation, the Reach Fund, as well as a matching community share investment from Co-operatives UK through the Community Share Booster Programme. “We are also indebted to all our partners. We could not have achieved this without them. Special thanks go to Hastoe for their help and unique approach. There are few organisations out there with such vision and commitment. Hastoe has been the very best of partners, and we are fortunate to have found them.” The Rt Hon Dr Thérèse Coffey, MP for Suffolk Coastal and Secretary of State for Work and Pensions, said: “This project has taken a lot of guts, courage and determination. There wouldn’t have been many communities prepared to take on a project like this. Its success lies completely in the strength, tenacity and creativity of all those involved.” Councillor Michael Ladd of Suffolk County Council said: “I agree completely. This could never have happened without a ‘can do’ attitude. We are lucky to have so many people with the diversity of skills and strength of will to have made this happen. The site has returned to being a real asset to the town and local community.” Lindy Morgan, Chair of the Board of Hastoe Housing Association, said: “Hastoe is honoured and privileged to have worked alongside everyone involved in helping to deliver the community’s vision. However, we are in no doubt this is a community driven and led success that would not have been possible without SouthGen’s leadership. “We will now continue to work with SouthGen and other key stakeholders to ensure the future sustainability and success of the project. Hastoe’s commitment to this project is to care for the homes and provide excellent services to the residents long into the future and, not to put too fine a point on it, beyond the lifetime of many of us standing here today. “This year is Hastoe’s 60th anniversary and, similar to the way we look back with pride at what we’ve achieved, we want the future community of Southwold and Reydon to look back and say what a fantastic thing my community did all those years ago.”
