Chase New Homes has acquired a key 4.5-acre brownfield development site fronting the High Street in Potters Bar.
The acquisition, in which Chase New Homes was advised by the Savills development team, was from Canada Life for an undisclosed sum.
The site, which is allocated for mixed-use development in Hertsmere Borough Council’s draft Local Plan – potentially including up to 265 homes and approximately 26,910 sq ft of office and retail space is currently occupied by two office blocks and a number of other commercial buildings.
Those include six-storey Canada Life Place and 13-storey Maple House – alongside 11,400 sq ft of mixed-use buildings comprising two parades of shops with flats above, a 5,000 sq ft car wash and a large car park.
Chase New Homes has now selected a design team for the site and – based on initial concepts – expects to deliver a minimum of around 90 affordable homes and 170 market sale homes along with an element of new commercial space.
Canada Life and Chase New Homes have agreed a deferred completion date in 2026.
Joe Last, associate director in the development team at Savills Cambridge, which advised Chase New Homes, said: “We are delighted to have exchanged contracts on this landmark site. Its redevelopment represents an exciting opportunity to deliver sustainable growth in the shape of high quality residential, retail and commercial uses in a prime location, and will significantly contribute to the supply of much-needed new homes in the local area.
“Chase New Homes are a leading regional housebuilder with a reputation for delivering high quality homes. From the outset they demonstrated a willingness to meet the requirements of the site owner – offering a flexible solution that was to the benefit of all parties. We look forward to seeing how the new scheme comes to fruition.”
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