Deal signed for massive new housing estate
A PROPERTY deal has been signed which is likely to see 2,000 new homes built in Emersons Green.
Housebuilder Taylor Wimpey has agreed to buy 150 acres of land between the Avon Ring Road and the M4 motorway in South Gloucestershire.
The deal is expected to pave the way for a massive new housing estate, which will be built over the next ten years. The development is also expected to include new schools and a business park, as well as a civic centre.
Taylor Wimpey has said it will spend £100 million on the project.
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Negotiations have been taking place for 18 months and the deal was brokered by Bristol-based land agents CJH Land. It is being billed as one of the biggest land transactions in the region in more than a decade.
CJH Land acted on behalf of Taylor Wimpey in the talks for the purchase of the land, which was owned by a consortium made up of Heron Homes, Gallagher Estates and investment firm Quintain.
The site already has outline planning permission for up to 2,400 houses, employment space, retail, district centre and schools.
Matthew Hiles, pictured, from CJH Land, said: "We approached Gallagher Estates, who owned 37.5 per cent of the land, about 18 months ago. In the beginning there was a fair amount of cat and mouse between the two parties, but once a formal offer was made the deal progressed fairly quickly considering its size and the contracts were exchanged just before Christmas last year. Quintain, which is another large national property company, had a 25 per cent interest in the land and when they learnt of Taylor Wimpey's purchase of the Gallagher Estate's interest, they were very keen to listen to our clients.
"After initial discussions a deal was again quickly agreed. It always helps when you have a willing seller and a willing buyer and in this instance we certainly had that."
The final piece of the jigsaw was the acquisition of the remaining 37.5 per cent of the site, which was controlled by Heron Homes.
Again, once the "deal" was agreed, it progressed fairly quickly and completed in July of this year.
Mr Hiles said: "From start to finish, the whole deal took about 12 months, which may sound like a long time, but considering the amount of work necessary to purchase a site of this size in three separate transactions, it is actually quite quick."
The development, which will complement the existing community at Emersons Green, will see new homes, a large amount of new employment and commercial floor space, shops, schools and a local centre.
CJH Land Limited, based in Flax Bourton, specialises in the sale of residential development land. The company reports a marked upturn in the property market in recent months.
Mr Hiles said: "The last 18 to 24 months has been very busy for us and we have been involved in a number of significant land sales. All of the house builders and developers we work with are seeking new land opportunities, as the housing market in this part of the country seems pretty stable."