St Modwen Developments Ltd has sold 12 acres of the former Bestwood Colliery in North Nottingham to George Wimpey (East Midlands) Ltd for £10.3 million.
St Modwen obtained outline consent for the construction of up to 175 dwellings, 20 per cent of which are to be affordable homes for local needs. The scheme will also provide funding for improvements to the Hawthorne Primary School and local medical facilities. St Modwen is clearing the site of existing buildings as part of the arrangements. Construction of the homes is expected to start this year.
Ray Hill of St Modwen said: “We bought the colliery site in 1997 and have been managing it as an industrial estate whilst promoting the redevelopment of about half the site for residential purposes through the Local Plan Review. There is a limit to the demand for industrial space in this location and the site was becoming under used.
“The new development will complement and enhance the adjoining conservation area. We will continue to run the remainder of the site which has 188,322 sq ft of existing space on 17 acres for employment uses.’
Fisher Hargreaves Procter acted for St Modwen.
For further information contact Ray Hill of St Modwen (0121 222 9400). Issued by Paul Raymer of Howle Chapman Raymer (0121 236 7771).