The sale of approximately seven acres of land in Mapperley will deliver a prestigious residential scheme comprising 57 new homes.
Under the instruction of private landowners, Savills Nottingham, jointly with GraceMachin Planning & Property, has completed the sale of land to Cameron Homes, adjacent to the Davidsons Homes scheme on the east side of Mapperley Plains.
Nick Grace, co-owner of GraceMachin Planning & Property, supported Cameron Homes’ planning process, in which they secured unanimous approval for the Mapperley-based scheme from Gedling Borough Council’s Planning Committee.
Ann Taylor, director in the development team at Savills, who led on the sale, comments: “This sale marks the extension of a very desirable residential development in Mapperley. As the adjacent scheme nears completion, Cameron Homes will follow with an equally prestigious and sought-after development. Cameron Homes is a premium housebuilder, with a strong reputation for delivering high-quality, design-led homes. They are the perfect partner on this legacy site to deliver something special, hence the unanimous approval at planning committee for their design and attention to place-shaping.”
The deal will see circa £400,000 of S106 contributions into the wider community towards primary and community care services, primary healthcare, education, transport, parks, and open space.
Elliott Lawley, Land Manager at Cameron Homes, adds: “We are really pleased to have acquired this site in the premium location of Mapperley, which perfectly suits our brand and our growing presence in Nottinghamshire and the East Midlands. This scheme will deliver two-, three-, and four-bedroom homes, which are expected to be particularly popular with professionals and families due to the desirability of the area and its proximity to Nottingham city centre.”
The completion follows the news earlier in the year of the Bank of England making a finely balanced decision to cut interest rates to 5%, the first reduction in four and a half years (since March 2020), providing a signal to the market that the bank feels it has turned a corner in the battle against inflation.
Ann concludes: “This correction in the financial market should give buyers and sellers the confidence that the market will improve as we head into 2025. As interest rates start to come down, mortgage rates will be on course to return to more affordable levels, gradually improving the market buyers’ range and buying power. We expect this to feed through into wider market activity as the year progresses; alongside additional government initiatives, which we expect to be announced shortly in the Autumn Statement, we anticipate the markets will ease and more buoyancy will return.”
Cameron Homes is expected to start work on-site in November 2024, with a show home available from Spring 2025. They were supported by Tim Ledger, Partner at Gateleys Plc, with the landowner represented by Jack Kelly, Legal Director at Shakespeare Martineau.
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