The first major land deal in Peterborough since the property downturn started has seen the City Council sell 10.89 acres of land in the centre of the city to Morris Homes. The company has contracted to buy the site on Atherstone Avenue with outline planning permission for residential development.
It will shortly apply for planning permission to built 156 new homes, 30 per cent of which will be affordable housing on redundant allotment land.
James Major from Savills in Peterborough, who advised the council, said: “Morris Homes is already building within the city and the company’s commitment to further development in Peterborough is very encouraging. This is the first significant land deal to be done in the city since the market downturn and shows that there are now signs of activity and improved sentiment in the land market.”
Iain McClean, land director from Morris Homes, comments: ""Peterborough is well placed as the property market begins its recovery. There is strong demand in the area, particularly for good quality family homes. The success of Hampton Hargate is testament to this. We'll be announcing further details about this scheme in the next few months."