Vistry Group, the provider of mixed-tenure homes, has sealed its first deal with Placefirst, the build-to-rent property developer-operators, for 139 of the 156 new homes that have been given the green light at Redruth Road in Mansfield.
Once constructed by Vistry, Placefirst will manage the homes for long-term rent, with a focus on fostering a strong sense of community and maintaining the high standard of construction quality.
Redruth Road will be Placefirst’s second presence in the East Midlands, following the acquisition of 34 homes in Corby last year.
The 9.8-acre site, previously owned by Mansfield District Council, now has full planning permission for 156 properties, secured with the assistance of O’Connell Property Ltd.
The two-, three-, and four-bedroom homes, as well as one-bedroom maisonettes, will be served by carefully designed footpaths and roads to ensure excellent connectivity through the new development to the surrounding communities.
As well as building new homes, Vistry is committing £536,869 to bolster local services. This includes a £91,576 cash injection for healthcare, £90,322 towards education and £318,062 for roads and transport. The scheme will also include a leap and trim trail through the public spaces and playground equipment for younger members of the community.
Each of the homes will be built using modern methods of construction (MMC) reducing the carbon footprint of every property. The homes will be manufactured off site using open panel timber frames from the Vistry Works East Midlands factory in Bardon in neighbouring Leicestershire.
Each home built using these panels emits 14,460kg CO2e less than a traditional brick-and-block house and will be designed to complement the surrounding area.
Lee Parry, Managing Director of Vistry North East Midlands, said: “It’s great to be working with Placefirst as we embark on what we hope is the first scheme of a fruitful partnership. Together we can make inroads into the shortage of rental properties in the region, bringing new family homes where they are needed most.
“We’re excited to have secured full planning permission for this site, which forms part of Nottinghamshire’s ongoing growth, and to be entrusted with creating high-quality homes here that will strike a harmonious balance between family-friendly housing and green open spaces, creating a thriving and sustainable community.”
Henry Marshall, Investment Director for Placefirst, said: “As we grow, our priority remains providing residents with the sort of exceptional stress-free living experience that inspires them to see the benefits of renting, and treat it as an active choice.
“Through a shared commitment to minimising environmental impact while keeping energy bills low for residents, this new partnership with leading housebuilder Vistry Group marks a step up in our ambitions for nationwide growth, while ensuring we continue delivering the market-leading standard of homes we are known for.
“Mansfield has faced challenges in meeting rising demand for homes, as seen by the increased housing target last year. This collaboration will play a key role in driving the town’s progress by delivering diverse, high-quality homes that support a growing population.”
