Eco-town investors buy up 80 acres

View of NW Bicester first phase
View of NW Bicester first phase

THE first investors have come forward to buy up a piece of the North West Bicester eco-town, it has been announced.

Investors Resolution Property have joined Altitude Real Estate in buying 80 acres of land.

The land deal is the first to be publicly announced since Cherwell District Council granted planning permission for the initial ‘exemplar’ development of 394 homes in August.

Nigel Robson, director of Resolution Property, said: “In partnership with Altitude, we have acquired an important development site in an area of recognised prosperity, compared with the UK economy as a whole.

“With strong backing from our equity fund, the development skills of Altitude and a good quality residential developer under option, the deal represents a great added-value opportunity.”

Rob Bolton, founding member of Altitude Real Estate, said: “This is a significant project for us, not just because it is our very first deal, but because it completely hits the mark for our plan for investing in key development sites and opportunities across the UK.”

He said completing the deal had been a speedy process, allowing the firm to turn its attention to bringing forward the first phase of the North West Bicester eco-town.

The deal is the first to be completed by Altitude Real Estate since the company was established 10 weeks ago.

The first ‘exemplar’ phase will include 394 homes, a community centre with a convenience store, post office, pub and pharmacy.

Other elements could include an ‘eco-business’ centre and office space.

The wider eco-town scheme aims to provide 5,000 new homes over the next 20 years.

New design and architecture techniques are expected to be employed by eco-town planners Farrells. Sir Terry Farrell also designed Charing Cross Station and the MI6 headquarters.