Southern Grove rescues site from receivership and reveals proposals
A site in Hemel Hempstead, that was supposed to host the world's most sustainable residential tower, has been rescued out of receivership by developer Southern Grove.
Eco-development, The Beacon, in Hemel, was originally planned to be a residential tower offering sustainable and affordable luxury living, without any energy bills in 2015.
It was later remodelled and renamed ‘Boxmoor Forest’ by developer Lumiere Developments, but construction never got underway and the debt held against the project was called in by its bridging lender.
The site in Whiteleaf Road, was advertised by the receiver at £8.5million and Southern Grove exchanged contracts on the land last week.
The company, which specialises in delivering affordable housing schemes in areas of high-demand, will now partner with a housing association to provide 170 homes in a fully affordable scheme.
Tom Slingsby, CEO of developer Southern Grove, said: “Hemel Hempstead desperately needs more affordable homes and we’re proud to be tabling the latest in a series of projects for fully affordable schemes right where people need them.
“It’s great news for the people of Hemel Hempstead that development of this site will now make progress.
“All the units will be available at affordable rent or for purchase with shared ownership, and we remain determined to raise the quality of the finish that residents can expect from homes available through these initiatives.”
ECE Architecture will be designing the development and a planning application is expected to be submitted to Dacorum Borough Council this summer.
PwC have been acting for the receivers and the sale of the site was handled by Allsop.