Tony Gallagher returns to strategic land development with Bedfordshire trio

Midlands property billionaire Tony Gallagher is exploring plans to develop over 2,000 homes across three sites in Bedfordshire, in a return to strategic land development three years after splitting up his company. The tycoon sold Gallagher Estates and its land bank of 42,500 plots to housing association L&Q for £505m in 2017. It was founded in 1956 to buy land and secure planning for sites in the South East and Midlands for housebuilders. The sale left the property mogul with Gallagher Developments, the group’s commercial property development and investment arm, which until now has largely focused on retail parks. Gallagher himself has since turned his attention to land acquisitions around Birmingham city centre for build-to-rent schemes with regional developer Court Collaboration. However, Gallagher Developments is now expanding to residential, with plans for three major developments of a combined 2,042 homes at the former RAF Cardington airfield and surrounding farmland (pictured). The former Royal Airships Works holds two Grade II listed sheds built during the First World War for airship construction. They have since been used for manufacturing and storage, and have been repurposed as Cardington Studios, hosting a number of blockbusters including The Dark Knight, Inception, Harry Potter and Star Wars. Gallagher Developments has submitted an Environmental Impact Assessment scoping report to Bedford Borough Council for 1,100 homes, a primary school, local centre and pub at the 167-acre College Farm in Shortstown. A second proposal to develop a 35-acre site at Shorts Park on the former airfield of RAF Cardington would provide 350 homes to the east of the site, next to the Cardington sheds. It follows plans approved in 2014 for 592 homes on a third site to the north east of College Farm. Gallagher teamed up with Bellway Homes earlier this year to progress these plans, with a fresh application lodged in April. The move comes amid ongoing pressures in commercial investment, with retail park values plummeting. Strategic land for large residential developments, on the other hand, has continued to attract investors and developers with ongoing demand for consented sites and new homes. Since Gallagher Estates, a number of smaller developers have focused on promoting land around the South East. Earlier this week, Wellcome Trust made a £506m takeover bid for master developer Urban&Civic, which owns sites with capacity for 50,000 homes around the South East. To send feedback, e-mail emma.rosser@egi.co.uk or tweet @EmmaARosser or @estatesgazette Image © McBains