Lodders’ Real Estate team has advised Midlands housebuilder Keon Homes on the legal and planning aspects of its Holyhead Road project for Midland Heart which has now received planning approval.
The 87-unit development on Holyhead Road, Coventry is set to become a flagship site for Keon Homes and its development partner, Midland Heart, offering a range of housing options including one-bedroom apartments and two, three, and four-bedroom units and a mix of rented and share ownership options. Each home will be crafted using quality materials and will include future-ready features like Electric Vehicle Charging provisions.
Real Estate expertise
Partners in the Real Estate team James Mottram and Victoria Longmore and senior associate Lauren Pearson advised on the complex deal, acting on behalf of Keon Homes in relation to the back-to-back sale and purchase, advising on the conditional purchase agreement with the landowner, the conditional sale agreement with Midland Heart, negotiating the s106 agreement, and advising on infrastructure and servicing obligations with the added complexity of buy back provisions.
Commenting on the deal, James Mottram said: “We are delighted that Keon Homes has secured planning approval for this new, affordable development for Midland Heart. Affordable housing stock in the Midlands is in high demand and this scheme will not only provide comfortable and convenient new homes but will also be built with sustainability at its heart. It was a pleasure to be involved in this exciting project and achieve this positive outcome for our client.
“Keon Homes and Midland Heart are very keen to get on site, so the intention is to bring forward completion of the sale and purchase to allow development to start more quickly. This evidences that both parties are committed to easing the housing crisis and provide affordable quality housing.”
Holyhead Road
The site previously had a planning application live for the construction of 95 houses and various infrastructure, but due to various constraints, remained undeveloped. Working alongside the owner, Keon Homes helped to ensure the clean-up of the brownfield development whilst discussing future access and egress provisions for Coventry City Council to upgrade local road networks. As part of these upgrades, Keon Homes is building providing a cycle superhighway that links Holyhead Road and adjoining retail to Barkers Butts Lane, which gives clear passage into the city.
Keon Homes works with registered providers, local authorities, and other partners to build social housing, in addition to building homes for private sale and the private rental market. It is a division of Tara Developments and featured in the cover story of Issue 7 of our magazine, Lodders Life. Read the article here.
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