The HCA is speeding up the rate that it brings forward sites for development, with measures including deferred payments from developers. This will allow developers to pay for the land as the homes are built, rather than all up front.
Faster procurement methods will also be used, such as through the agency’s delivery partner panel.
The first accelerated sites will see approximately 3,000 new homes being built on them.
The sites are:
Hemel Hempstead – Planning consent is in place for 372 homes, known as Cherry Tree Lane, as part of the Spencer's Park development site – a site partly owned by Crown Estates. This phase of HCA-owned land will be brought forward for disposal and development by the agency. The disposal will test Build Now, Pay Later options including payment for land on sale of homes or staged payments. This approach could trail the way for other HCA-owned land in the area, the HCA said.
Park Prewett, Basingstoke – David Wilson Homes is named preferred developer, subject to contract, to work with the HCA and Basingstoke and Deane borough council to progress the final major tranche (up to 585 homes) of this former hospital site. The project will be delivered through a Build Now, Pay Later mix of guaranteed payment and deferred receipts linked to the profitability of the development.
Blackwall Reach, Tower Hamlets – The HCA and Tower Hamlets Council own land within Blackwall Reach and are leading the regeneration of the area. Consultation on the redevelopment began in 2007 and the plans involve the demolition of the 1960s Robin Hood Gardens housing estate currently on the site. The new proposals include creating more than 1,600 new homes, nearly 700 of which will be affordable, alongside community facilities, shops, parkland, an enhanced school and improved links to surrounding neighbourhoods. The plan is to rehouse all existing residents of Robin Hood Gardens, Mackrow Walk, Anderson House and Woolmore Street. Swan & Countryside Properties is preferred developer, subject to contract. Land payment will be made as homes are sold under Build Now, Pay Later.
Ransome Road, Northampton – This 450 homes site close to the town centre has been brought forward for disposal. Build Now, Pay Later land payment will be through options for overage/profit sharing after infrastructure is delivered and once sales of homes are underway. The HCA has brought together land owned by organisations including Northampton Borough Council and Network Rail to create a 23 hectare brownfield site close to the town centre, which is suitable for 450 homes, with plans for a total of 800 homes once a new road link has been built. Working with organisations including the local councils and West Northants development corporation and the Environment Agency, the HCA has already made a number of improvements to the site to enable development, including improved road junctions and flood defences.
Cotgrave, Rushcliffe, Nottinghamshire – planning permission was recently granted and this 4.6-hectare former colliery site will now be disposed for development. Some 470 new homes will be built. The colliery site is owned by East Midlands Development Agency. The disposal process will test land payment options, including Build Now, Pay Later.
Croppings, Lightmoor, Telford – Keepmoat is named preferred developer, subject to contract, appointed through the joint venture between the HCA and Bournville Village Trust. The Croppings is the first site in Telford and one of the first in the Midlands to be released on the Build Now, Pay Later initiative and will deliver 100 more homes at Lightmoor Village. The Croppings is the latest offering within the wider redevelopment of the Lightmoor Village, also being delivered through the HCA and BVT joint venture. Around 230 new homes are already built with a further 370 expected over the next two or three years, in addition to the 100 at The Croppings. A new primary school has also been built and is now open, with a new village centre and extra care facility also underway, all of which have received HCA investment.
Cronton, Knowsley, and Haigformer coalfields and Greenwich Ecology Park – These sites, are being transferred to the Land Trust for long term management as open space. The Cronton site is owned by the North West Development Agency which is making the transfer to the Land Trust direct. The transfer of Greenwich Ecology Park is subject to contract.
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