An unfinished Nottinghamshire estate that was abandoned when its builder went bust has been sold and will soon be "brought back to life". Property developer Sherwood Oak Homes was constructing 313 homes off Clipstone Road East in the village of Clipstone, near Mansfield, when it went bust in October, last year.
Work started on the first phase of the £100 million housing development, named The Oaks, in late 2021, but just 30 homes were completed before the firm collapsed two years later. Property consultants at Heb, who were appointed by administrator Moorfields to sell the scheme, have now confirmed the land and finished houses have been sold to housebuilder Persimmon Homes in what they have called one of the East Midlands' biggest land transactions.
“We are delighted to secure a successful disposal of this substantial and complicated site for our client Arron Kendall at Moorfields, and in as short a time as possible,” Robert Maxey of Heb chartered surveyors said.
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"We have been acutely aware that the local community has been keen to see this stalled development brought back to life, and it is always satisfying to assist with bringing much-needed new family housing to the market." Persimmon has submitted plans to complete the currently halted estate, proposing to change the remaining homes to its own designs so it can finish the stalled development.
The sale comprises some 30 fully finished, high-quality houses together with the remaining part-serviced development land which has consent for a further 283 new homes. Persimmon will shortly recommence construction of the remainder of the development, which has been rebranded as “Regency Grange”.
Gareth Hankin, regional MD of Persimmon Homes, said: "We are really excited to be bringing the Persimmon brand to this part of Mansfield. It really is a great location - within easy reach of the town centre and with a wealth of local amenities. On top of that there is fantastic open countryside just minutes away."
Chesterfield-based Stancliffe Homes has simultaneously acquired the completed dwellings from Persimmon and will immediately begin to sell them to occupiers. “Interest in the existing houses is already strong, due in part to the fantastic build quality on offer," Sam Jones of Stancliffe Homes said.
Previously Persimmon submitted plans to complete the currently halted estate, proposing to change the remaining homes to its own designs so it can finish the stalled development. Consultants at Heb did not detail the price of the sale but said it was a "multi-million pound deal".
The accounts of failed developer Sherwood Oaks Homes showed the finished homes had been valued at £11.5m, with the rest of the site's land valued at around £22m.
2024-07-26T03:07:20Z dg43tfdfdgfd