Hargreaves Land acquires 550-acre North Lincs site
Long-held ambitions to deliver 1,150 homes and business space to the west of Scunthorpe can move forward after the firm exchanged contracts with site receiver Watling Real Estate.
Regeneration specialist Hargreaves Land has now conditionally purchased the plot at Lincolnshire Lakes, Gunness.
The firm said that the housing and employment space will be delivered over 15 years as part of a major master-developer partnership, offering commercial occupiers easy access to the nearby M181 motorway.
A 65-acre section of the site has been given a strategic allocation in North Lincolnshire’s emerging Local Plan to accommodate potential for the development of a carbon-neutral Advanced Manufacturing Park.
Lincolnshire Lakes is expected to be one of the largest residential development schemes in the region and forms part of a wider strategic regeneration project set to transform the overall area, which will also include delivery of a new primary school, district centre and extensive areas of public open space.
The scheme will be masterplanned by Hargreaves to accord with the placemaking principles of a sustainable 20-minute neighbourhood.
Hargreaves Land said it is committed to bringing forward the regeneration of the whole site, saying it will work closely with North Lincolnshire Council to secure outline planning consent within two years on the initial phases of development.
David Travis, development director at Hargreaves Land, said the deal marks another step forward in creating much needed quality new homes and amenities for the area.
“Lincolnshire Lakes is a very exciting investment for Hargreaves Land, reflecting our track record and continued focus in successfully delivering large-scale placemaking schemes throughout the UK.
“This includes our involvement in the ongoing development of Unity, another large-scale mixed-use development in South Yorkshire which has a lot of similar constraints, where we are working with joint venture partner Waystone Developments to ensure project success.
“This deal represents a significant milestone for our overall growth as a business, and we look forward to delivering sustainable development on site over the next few years.”
Watling Real Estate is the new business created following the management buyout of the UK restructuring arm of Avison Young.
Andrew Foster, joint managing director at the firm, said: “On behalf of Watling Real Estate, we are delighted to enter into a 15-year joint venture with Hargreaves Land to bring forward this development for the benefit of all stakeholders.
“This is a very innovative solution to progress development for a challenged site, and Watling Real Estate thanks Hargreaves Land and North Lincolnshire Council for their support, assistance and flexibility in working within the parameters of a Receivership.”
Law firm Freeths acted on behalf of Hargreaves Land, with Pinsent Mason representing the receivers.
Lincolnshire Lakes has long been a priority for North Lincolnshire Council, which wants to see homes and business space built in a series of schemes between the western edge of Scunthorpe and the River Trent.
The vehicle previously responsible for taking the site forward was liquidated by Quantuma Advisory in August 2022.