Savills sets record land deal for 1,200 homes

The unconditional sale of approximately 170 acres of land has paved the way for 1,200 new homes to be delivered as part of a mixed use development scheme in Cheshire.

The land at Peel Hall in Warrington, which was sold on behalf of Satnam Group by Savills, has been purchased by Countryside Partnerships and Torus Developments in what has been described as a ‘record land deal’ for the north of England.

It is understood that the companies will now seek to progress a mixed-tenure scheme, delivering 600 homes each through a joint venture.

Under the outline planning permission, the site’s sale should ensure the delivery of around £10m in Section 106 contributions and it is believed the development could eventually add around £150m to the local economy.

Ed Rooney, director of development at Savills in Manchester, whose team completed the sale, says: “This is a major project for Warrington and the sale represents one of the largest achieved in the north of England. We are incredibly proud to have been involved in such a significant deal that will create not only a substantial pipeline of much needed housing delivery within the region, but an entire new community too as a result of the commercial aspects of the site’s proposals. This transaction will benefit the local community for generations to come.

“What this sale has underlined, and indeed what we are seeing, is that there is some remaining confidence among housebuilders in the North West, despite the economic headwinds. The site is well positioned near to the M62, Warrington town centre and the rail network and such well situated sites will continue to remain in demand with developers and homeowners alike. Savills remains confident that the land market will continue to perform throughout this year, although the terms of the major land transactions may alter to reflect a less certain economic environment in the first half of the year.”