Michelmores advises Cornwall Council on £10.6M acquisition of land at Newquay and £3.1M acquisition of land at Launceston
Michelmores' Transactional Real Estate Team has advised Cornwall Council on its acquisition of two landholdings at Trevithick Manor Farm, Newquay and Pennygillam, Launceston, for a combined purchase price of £13.7M.
The Firm worked closely with Cornwall Council on its strategy for the acquisition of the land in the context of the Council's Housing Development aspirations.
The deals form a strategic part of Cornwall Council's £200M Housing Development Programme ("HDP"). The acquisitions will help to achieve the Council's aim to build 1000 homes by 2021 as part of Cornwall Council’s Homes Strategy. The development will provide a mix of affordable homes, shared ownership, private market and private rental market accommodation. Cornwall Council is intending to build around 300 homes through its HDP, with the remainder of the sites being developed by either a housebuilding or Registered Provider, or providing an opportunity for Cornwall Council to build additional affordable, supported or extra care housing.
The Michelmores' team was led by Partner Lucy Smallwood, with support from Partner Chloe Howard-Smith and Senior Associate Lucy Tucker.
“Cornwall needs more homes – both to rent and to buy – and the Council is seizing the initiative to provide those homes. For example, in Newquay there are more than 1,500 applicants on the Cornwall Homechoice register who have stated Newquay as their first preference. The proposed development in Newquay could eventually provide over 400 new homes which will go some way towards addressing that need.
This is about providing good quality healthy homes that local people want to live in, with space, gardens, parking and which are well designed with low energy costs.”
Lucy Smallwood, Partner and Head of Transactional Real Estate, commented:
"The investment in these strategic sites having the benefit of planning permission for over 700 new homes is a really exciting step forward for the Council in its Housing Development Programme. We are delighted to be working with the Council on its various acquisitions, and we look forward to seeing this development progress and deliver quality homes for local people."