The first phase of a highly anticipated development, that will provide 90 affordable homes in Lake Terrace, Melton Mowbray, has been agreed with work to begin imminently.
The ten-acre site, that was previously used as grazing land, has been unlocked thanks to a partnership between Leicester-based developer GS Developments, Nottingham Community Housing Association (NCHA) and My Pad Developments, with support from Melton Borough Council and Leicestershire County Council.
The waterside homes at Lake Terrace will be a mix of one-, two-, and three-bedroom properties, providing much-needed quality housing for families in Melton Mowbray.
Mandeep Singh, Director of GS Developments, said:
“This is a really exciting project for Leicestershire and for GS Developments too. It will help to bring housing to the market town of Melton Mowbray and unlock the potential of the waterside area.”
The deal was managed by James Coningsby, Partner in our Commercial Property team, on behalf of GS Developments. He said:
“This is a fantastic deal for Melton Mowbray and for Leicestershire and one that has taken this partnership of regional heavyweights to make possible.
“These properties will provide local families with the opportunity to get onto the property ladder and meet demand in the area, so it was vital that the deal went ahead smoothly and efficiently. I look forward to seeing the development come to fruition.”
Proposals for phase two of the Lake Terrace development have already been submitted in the hope that a further 77 affordable housing units could be created in the future.
Phase one of the scheme has been designed by Nottingham-based Pelham Architects.