St. Modwen completes sale of the first two phases for up to 300 homes in Copthorne
St. Modwen, the expert developer and regeneration specialist, has completed the sale of the first two phases of its mixed-use development scheme in Copthorne. The site, to be called Heathy Wood, has been acquired by the Company’s award-winning housebuilding business, St. Modwen Homes, following a highly competitive open market bidding process comprising leading national housebuilders. The 20-acre plot will provide around 300 homes with 90 affordable units.
The well-located site sits adjacent to Junction 10 of the M23 and 9 miles from Junction 7 of the M25 and lies only 30 miles outside of central London. The overall development received outline planning consent in June 2016 for a scheme comprising 500 residential units over four phases, up to 15,500 sq m of industrial and logistics floor space on the western boundary of the site adjacent to the motorway, whilst also providing land for a primary school and doctor’s surgery. Additional community benefit is provided through significant areas of public open space, allotments and retained woodlands.
A new access route into the site from the A264 together with site-wide road, utility and green infrastructure is being delivered by St. Modwen over the next year to deliver serviced development land for both the residential and commercial schemes.
Rob Draper, Development Director at St. Modwen, said that completing this sale is an important marker in the Company delivering its objectives: “The sale of Phases 1 and 2 is a great milestone for St. Modwen, not only for the South East regional team in successfully having secured planning against a very challenging backdrop but now progressing with the infrastructure delivery. It also creates an opportunity for St. Modwen Homes to break ground on a major scheme in the south east, helping it deliver on the Company’s strategic growth plans.
“It is in line with our core business objectives in delivering significant land sales to housebuilders from our existing land bank and creating opportunities for St. Modwen Homes to achieve its housebuilding targets.”
Andrew Watson of St. Modwen Homes added: “This is an excellent location to deliver modern living and fulfil the huge demand for new homes in West Sussex.
“Copthorne is a proven location for families and commuters and the availability of a further 300 new homes will help meet the strong demand from buyers in this area.”
Andrew Simpson, Residential Development Group Director at Jackson Stops, who acted for St. Modwen Developments on the sale, commented: “The marketing of the site surpassed our expectations as the location and features stood out and generated very healthy housebuilder interest and robust offers. We are pleased that St. Modwen Homes has become the successful purchaser of the site. This has been an exciting and enjoyable process working with St. Modwen.”
