Severn Trent sells land at Teal Close in Nottingham for employment use
Wednesday 31st July 2019
Severn Trent’s property arm, Midlands Land Portfolio Limited (MLPL) has sold 20 acres of land at Teal Close for a development of much needed employment and local centre uses such as shops, child care, or a pub/restaurant.
The site in Netherfield, Nottingham has been sold to AC Lloyd in conjunction with Henry Davidson Developments. MLPL’s planning promotion partner, Northern Trust, has secured the outline planning consent for various retail and employment uses.
This sale of employment land compliments the recent sale of the adjacent land to Persimmon Homes for around 800 new homes and associated leisure areas, the first phase of which (around 200 homes) is already under construction.
Julie Rossiter, head of property development for Severn Trent, explains: “We’re delighted that by making our business more efficient, we were able to free up land to help create this development. We are excited to report the sale of this site to a local Midlands based developer and are proud to be using our redundant land assets to provide local services and jobs for the communities we serve. A proportion of the resulting profits from this sale will be shared with our customers, helping to keep future water bills lower.”
ACL (HDD) have submitted reserved matters applications this summer to Gedling Borough Council for a pub/restaurant, care home, retail units and children’s nursery as well as a 50,000 sq/ft trade park (up to 12 units) and 145,000 sq/ft of employment units (across six premises).
Construction works is expected to start later this year.