Vistry Group has acquired a site in Hinckley, Leicestershire, with outline planning permission for 475 new homes.
The development site, which is located in the north of the town, has a GDV of £140m. Of the new homes delivered, approximately 30% will be affordable, 25% will be developed for the private rented sector and 45% will be for sale on the open market through a combination of Vestry’s retail brands Bovis Homes, Linden Homes and Countryside Homes.
All of the houses will be constructed using modern methods of construction, with timber frame panels produced at the local Vistry Works factory in Bardon, Leicestershire.
Andy Reynolds, managing director of Vistry South East Midlands, said: “This latest deal adds another high-quality site to our pipeline of projects in Leicestershire. With a significant shortage of supply in the area, the acquisition of this site is a major milestone in bringing forward a new mixed-tenure development that will provide modern, well-connected homes catering to people with a wide range of requirements and at various stages of life.”
Land promoter Richborough was granted planning permission for the site in January 2024 and was instrumental in brokering the deal with Vistry.
Jordan Gresham, group disposals director at Richborough, said: “Congratulations to Vistry on securing this site. We’re excited to see it come to life and deliver the much-needed new homes. I want to extend a huge thanks to our in-house team, and our consultants. Securing permission for 475 dwellings via planning appeal demonstrates our tenacity combined with a well-considered planning strategy.
“A special mention must also go to Steve Louth, our honorary director who passed away in 2022. This site was Steve’s vision, and it has been an honour to be involved in helping deliver this project as part of Steve’s Richborough legacy.”
