Freeths has advised Nottingham Community Housing Association on an £18m affordable homes deal.
The ten-acre site has been brought together as a result of a partnership between Leicester-based developer GS Developments, NCHA, Pelham and My Pad Developments, with support from Melton Borough Council and Leicestershire County Council.
The homes at Lake Terrace will be a mix of one, two, and three-bedroom properties providing a mix of shared ownership and rented dwellings for families struggling to get on the property ladder in the area.
It is the latest acquisition out of a busy 12 months for NCHA which also saw it acquire its largest site to date in Belper from developer Countryside. That £20m scheme will see the delivery of 114 affordable properties with the first homes due to be ready in Autumn 2022.
Fran Cropper, New Business and Development Manager at NCHA, said: “We’re delighted to have got this deal over the line after a long time in the planning. It’s been great to have worked with GS developments again and we look forward to Nottingham-based MyPad constructing the homes and making our plans a reality.
“The scheme has been creatively designed by the architects at Pelham, maximising the surrounding open space. NCHA is a Strategic Partner with Homes England, and this site at Lake Terrace will be an important contributor in us achieving our delivery targets for both shared ownership and affordable rent homes.”
Sarah Rowe, Director and Head of Social Housing at Freeths LLP, who acts for NCHA, said: “We are delighted to have worked yet again with NCHA on securing another important and strategic affordable scheme.”
Proposals for phase two of the Lake Terrace development have already been submitted by GS Developments, working with Pelham, in the hope that further housing units could be created in the future.
