The next stage in the multi-million pound regeneration of Leicester’s Waterside area has been agreed.
Lovell Partnerships has exchanged on a £10 million design and build project for 82 new homes in Abbey Meadows Road, 200 yards from the National Space Centre and the city’s Abbey Park.
It will work with Leicester-based GS Developments – which owns the 4.8 acre site – and Nottingham Community Housing Association (NCHA) to build the two, three and four-bedroom homes.
A huge swathe of previously derelict industrial land, stretching along the River Soar and Grand Union Canal down the full western side of the city, is currently being brought back into use.
The transformation of Waterside area has taken decades to get underway and already includes hundreds of new houses and student flats, two new hotels, Grade A offices, leisure complexes and workspaces.
Recent conservative estimates have put the total investment at around £250 million.
The once bustling manufacturing area has suffered substantial decline over the past 30 years becoming, what Leicester City Council called, a poor ‘front door’ for visitors coming into the city.
Abbey Meadows Road will be the first scheme Tamworth-based Lovell has secured under plans to expand into the East Midlands.
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The land already has planning permission and there will be 47 affordable homes, managed by NCHA, and 35 rental properties, which will be retained and managed by GS Residential.
Work is expected to start in March, and the first homes should be ready by winter 2021.
GS Residential will also manage 25 apartments and 16 homes already going up on the neighbouring former Rocket Studios site.
GS Developments director Mandeep Singh said the new homes were part of an ambitious programme to create 1,500 affordable homes within the city in the short-term after councillors branded the city’s housing need as urgent.
He said: “This is a really exciting scheme for Leicester and also for GS Developments.
“We have been speaking to Lovell and NCHA for some time and this is a great opportunity to provide much needed housing in a fantastic location in Leicester.
“It will be a high-quality build and will open up new homes for people to rent.”
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Chris Timmins, regional area director at Lovell, said: “We’re extremely excited to announce the success of our growth plans to acquire land opportunities within the East Midlands.
“This scheme is our first project in Leicester since 2011, which plays an integral part in our plans to expand and to reduce the shortage of affordable homes across the region, which will meet the needs of local communities.”
Allan Fisher, director of development and assets at NCHA, said they were delighted to be part of the partnership.
The deal was managed by James Coningsby, partner and solicitor in the commercial property team at East Midlands-based law firm Nelsons.
He said: “This is a fantastic scheme for Leicester and one of the biggest of its kind within the city.
“We were pleased to help support our client GS Developments with this vital new site, which will open up waterside living for families.”
Architects for the scheme are Leicester-based RG+P.
Lovell is in discussions with other housing associations and landowners to unlock further land within the East Midlands for homes.
It is part of the £2.8 billion turnover Morgan Sindall Group.