Fairview buys college site for major resi scheme

Fairview New Homes has acquired 14.8 acres from Epping Forest College for a major residential scheme in Loughton. The site, which comprises a playing field and former college buildings, has potential for 630 homes to be delivered through a circa £200m scheme. The development is spread over two sites on Borders Lane, in the suburb of Debden, one mile from Loughton town centre and approximately 16 miles north east of central London. Knight Frank was instructed to sell the site at the start of the year. Fairview has paid in excess of the £20m asking price for the site. The land was originally restricted to educational and healthcare use, but covenants were removed in 2016. Despite council support for homes, plans to develop the former college have been opposed by local residents who fear the area is undergoing too much development. The Local Plan seeks to deliver 11,400 new homes by 2033. James Barton, City & East residential development partner at Knight Frank, said: “The sale of these two sites demonstrates the strength of the current unconditional land market. Despite perceived negative sentiment in the wider market, and against the backdrop of political uncertainty, it proves that developer demand, activity and purchasing power remains robust.” Fairview New Homes was advised by Savills. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette