TERMS AGREED FOR SALE OF THE 'SANDFIELD/COTTESMORE SCHOOL SITE'
It was announced at the March 2012 MIPIM international property exhibition in Cannes, France that UK Regeneration (a national regeneration company) had chosen the former Cottesmore School/Sandfield Centre site for a £30 million project to build 'Sandfield Village', a development of some 200 homes and apartments to rent with associated shops and bars.
At the time the Nottingham Post quoted Jackie Sadek, Chief Executive of UK Regeneration: "Working with Nottingham City Council we'll create 200 new homes in Sandfield Village that will meet local needs and contribute to the local economy first and foremost.
"By putting the consumer at the heart of the development, the style of accommodation will reflect the reality of sharing.
"And because they will be designed from the outset to be let, not owned, we will capture efficiencies in construction, management and maintenance."
UK Regeneration's decision to choose Nottingham as the site for its pilot scheme - a funding model aimed at making development commercially viable without government of council backing - was welcomed by Graham Chapman, Deputy Leader of Nottingham City Council who said that the City Council was providing positive support for '... what is an entirely new and sensitive approach to development. ...'
On Wednesday, 13 March, Richard Baker, writing in the Business Section of the Nottingham Post, reported:
GROUNDBREAKING HOMES DEAL TAKES A MAJOR STEP FORWARD
A multi-million pound project which could see hundreds of rented homes being built in Nottingham has taken a major step forwards.
A deal unveiled yesterday at MIPIM, the international property and development exhibition in Cannes, has seen terms agreed for the sale of land off Derby Road for the development of 200 homes on the former Sandfield school site.
The development is being hailed by developer UK Regeneration and Nottingham City Council as a groundbreaking attempt to help tackle the shortage of new homes.
It is also the result of several years of discussions, UK Regeneration chief executive Jackie Sadek having first made contact with the city council at MIPIM four years ago.
The privately-funded Nottingham development – which could cost up to £30 million – is being used by UK Regeneration as a pilot for a new kind of city centre infill development, with communities built around "villages" of rented properties supported by their own facilities.
Jackie Sadek said: "Working with Nottingham City Council we'll create 200 new homes at Sandfields that will meet local needs and contribute to the local economy first and foremost.
"And because they will be designed from the outset to be let, not owned, we will capture efficiencies in construction, management and maintenance.
"This deal has taken time to get right because, quite simply, no-one has done it this way before.
"We're addressing the housing problem with fresh eyes, starting from scratch.
"We have been working quietly with Nottingham people, distilling the needs of the communities, interest groups and individuals into a radical solution.
"We have to get it right from the outset, so it works for the local community and for our backers, because we're going to be doing this for some time into the future.
"We're regenerating regeneration because the old models no longer work and we need to find new ones quickly.
"Regeneration must move into the private sector and not look for public subsidy."
UK Regeneration says the homes at Sandfields will be built to generous space standards and designed to show that renting is not a second best option for those who cannot afford to buy.
It also hopes to attract a mix of convenience shops, niche boutiques and small local operators to the site to serve the local community.
Councillor Graham Chapman, deputy leader of Nottingham City Council, said: "The city council has signed the land deal with UKR, something both parties have worked hard to hone and finesse because this is an entirely new and sensitive approach to development."
UK Regeneration is working with a consortium to move the project on to the next stage.
It includes the Nottingham property agency Innes England, the Newark civil engineering firm Morgan Tucker, property consultants Jones Lang LaSalle, Wates construction, Assaei Architecture and Capita Symonds.
Barclays is working to fund the development, letting and sale of the completed project.
Brendan Jarvis, of Barclays Real Estate, said: "This contract kick-starts the national regeneration campaign for UKR's housing for rent model.
"The potential this new model offers to open up new markets and to unlock value for all stakeholders is significant.
"This Nottingham pilot has a value in excess of £30 million and provides an excellent starting point in the national programme."