Commercial property agency Mather Jamie has sold a piece of “prime development land” in Normanton on Soar, to Nottingham-based Sheppard Developments.
The Holme Farm Lodge site includes 1.24 acres with a farmhouse, stables and barns on, which was on the market with planning permission for offers in excess of £1,300,000.
A neighbouring 1.08 acre field was also bought by separate negotiation.
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The developer wants to put up a mix of houses and convert the existing barn and agricultural buildings.
When completed, the new development will comprise a six bedroom period farmhouse with detached double garage, two large three bedroom bungalows within a former stable block, a new four bedroom detached house with new stable block and paddock, and a five bedroom luxury barn conversion with detached double garage.
Ben Sheppard from Sheppard Developments said: “All properties will be finished to an extremely high specification with construction expected to start in May 2021.
“Thanks to our great team of advisers and the pragmatic approach adopted by Mather Jamie we are really pleased to have been able to secure such a fantastic site on which to create our next luxury development.”
Mather Jamie, which is based in Loughborough, acted on behalf of the landowner and worked with local planning consultants to bring the scheme forward.
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The company also prepared marketing documentation, promoted the development on the open market and arranged site visits for all interested parties.
Gary Kirk, senior associate director at Mather Jamie said: “Normanton on Soar is a very attractive village and popular location due to its close proximity to all major East Midlands transport routes.
“We were delighted to be able to advise our client, who does not live locally, on the best way to unlock the latent development potential within the site so that the site could be promoted cohesively through the planning system in order to maximise its attractiveness to developers.”
Funding for the deal was provided by Matthew Gatter from Gatter Capital.
Other advisers to the purchaser included, legal advice from Vik Moothia and Alison James-Moore of Elvin Moore Solicitors in Derby, Ben Taylor MRICS from Leicester based property consultants Space, and Mike Tuck from Richardson Hall Construction, in Mansfield.