Situated within the Swindon New Eastern Villages urban extension (NEV) development area, on green fields east of the A419, Lotmead Farm comes with outline planning permission for up to 2,500 new homes.
The developer and the housing association are planning to build two primary schools, local centres, nurseries, sports facilities and retail and commercial space, as well as housing.
30% of the housing will be designated as affordable. Up to 400 homes will be built for private rented accommodation.
Countryside chief executive Iain McPherson described the purchase as “a landmark deal” for the developer as it targets further growth in the southwest region.
Tom Titherington, Chief Investment and Development Officer at Sovereign Housing Association said: “The development in Lotmead fits perfectly with our strategy of working with other like-minded developers to create delightful new places where we know that the properties, we provide to our customers will be fit for the future. Here we are able to increase the amount of affordable new homes over and above the section106 by nearly 50% through utilising the Homes England Partnership funds.”
“It has been a pleasure to work with Countryside as we looked together at tenure mix, urban design and specification. This a growing part of the country and an area of high demand for all forms of housing and Swindon Borough Council has been and continue to be supportive of the scheme and I am looking forward to it commencing in Winter 2022.”
Gordon Isgrove, principal at commercial real estate advisor Avison Young, who led the developer search and has been working with Ainscough for the last 18 years, said: “This is the probably the biggest residential transaction to take place across the UK this year, and certainly the largest in the southwest.”