A 70-home housing development at Lake Terrace, including 50% affordable, is on the horizon following a complex property transaction.
The deal led by James Coningsby, Partner in our Commercial Property team, marks the second phase of a transformative project for the area, spearheaded by client Mandeep Singh, director at GS Residential.
What began as a speculative 2018 purchase of brownfield land near the River Eye has now evolved into a vital residential hub. This latest phase follows the successful delivery of 90 homes in phase 1, with the combined value of the site estimated at £40m.
The completion of the deal required navigating a maze of legal and planning hurdles, which included:
- Approvals process: Progressing planning application and section 106 agreements
- Intricate overage agreements: negotiating with both Melton and Leicester Councils to secure a £570,000 overage payment for the local authorities
- Planning agility: overcoming eleventh-hour highway regulation changes by securing a non-material amendment to ensure the road layout met adoption standards
- Strategic land transfer: a deal that sees 35 homes transferred to Nottingham Community Housing Association (NCHA), while GS Residential retains 35 units under its Newtown Living brand of homes for the private rental sector
The project was made possible through a high level of cooperation between Nelsons (representing GS Residential) and Freeths (representing NCHA). The appointed developer is MyPad and the designs have been delivered by Pelham Architects.
James Coningsby said:
“This was a truly collaborative effort that required all parties to pull in the same direction. Navigating the overage deed variations and the evolving planning requirements was a challenge but seeing the project move to the construction phase is incredibly rewarding. It’s a testament to what can be achieved when legal teams, developers and local authorities work together to find solutions.”
Mandeep Singh said:
“We saw the potential of this site back in 2018, and despite the complexities of developing brownfield land, we are proud to be supporting the delivery of 70 more high-quality homes, including affordable options for the people of Leicestershire.
“I am extremely grateful for the work of James and everyone involved in getting this deal over the line, against several difficult obstacles and working with multiple stakeholders. We are excited to see work commence and look forward to first handovers by at the start of 2027.”
Elira Mano, new business and development manager at Nottingham Community Housing Association said:
“Having seen the impact of phase one, we’re excited to move into phase two of the Lake Terrace development and continue our partnership with GS Residential and MyPad. The 35 affordable homes we’re delivering as part of this phase will play an important role in meeting local housing need. This project demonstrates what can be achieved through strong collaboration and a shared commitment to the community.”
If this article relates to a specific case/cases, please note that the facts of this case/cases are correct at the time of writing.