Leading property developers Ashfield Land and Barratt Developments Plc are expected to start work this year on an exciting £600 million development after gaining planning consent for the ambitious scheme.
The new urban extension at Aylesbury East in Buckinghamshire includes 2,450 homes, 25 acres of employment land, two schools, neighbourhood centres, and the construction of infrastructure including two new link roads.
The joint venture will be one of the biggest schemes yet for Ashfield Land, which acquired 290 acres of land at the 756-acre site in 2009. In an application with Barratt Strategic, it gained outline planning permission from Aylesbury Vale District Council in late December.
Nick Jones, who is leading the development project, said: “The success of this application clearly demonstrates our financial ability to invest speculatively. Our expertise in the market enabled us to identify a suitable opportunity while assessing and qualifying any associated risk.
“We were then able to make very good progress with the application for what is a major development for Buckinghamshire. It is a very exciting project and the fact that we are at this stage and progressing development this year reflects our confidence in the market.
“In 2009 the UK economy was in dire straits but we were looking long term and beyond the economic difficulties of the time. Our strategy is now paying dividends and we are in a strong position to make progress with further developments.”
He added: “We are grateful for the support of the planning authority. This is a wonderful opportunity to create a major new development with a gross value of in excess of £600 million. Phase one, which is a proportion of the 2,450 new homes and associated infrastructure, could potentially start on site this year. There is an urgent requirement for housing in this region and this development will go some way to addressing the needs in Aylesbury Vale.
“The scheme will deliver vital infrastructure for existing and future generations, create new jobs and attract inward investment, and provides a unique opportunity to enhance flood defences and green infrastructure, including a nature reserve of regional significance.”
Matthew Taylor, Head of Land at Barratt North London, said: “This successful collaboration between Barratt Developments and Ashfield Land will create an attractive community which people aspire to live and work in. We are very proud of this exciting project that will be a leading example of how to create sustainable communities over the coming years.”