Land sale paves way for £50m development

Terra Strategic has sold 32-acres of land for the £50m first phase of its Hawkesbury canal village scheme to Vistry Group for an undisclosed sum.The conclusion of the sale follows detailed planning permission for the 204 homes, 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.Vistry’s phase one development will include 153 open market properties and 51 affordable homes.As part of the sale and in advance of the housebuilder starting on site, Living Space Housing, one of Terra’s sister companies, will undertake £3m of infrastructure, community facilities and enabling works.A further 296 homes are proposed for the 40-acre second phase of Terra’s regeneration scheme. The Solihull-based strategic land specialist has recently lodged a planning application for the collection of open market and affordable homes with the council.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.