A four-acre brownfield site, which was formerly used by Mansfield Brewery has been sold to Wise Living in a move that is set to bring 75 rental homes to the town.
The key town centre site, which is located just off Littleworth, is one of the first to be secured by Wise Living, a venture financed by asset manager London ICG-Longbow, working alongside Nottingham-based SDL Group.
The site has been vacant since the brewery closed in 2002, with the buildings on the site levelled and cleared in 2008.
Wise Living now plans to transform the area with 75 two and three-bedroom high quality family homes.
An application for outline planning permission is set to be submitted later this month, with construction set to commence in the autumn and the first homes expected to be available to rent in spring 2019.
The scheme has the backing of Mansfield District Council, which is keen to develop the site as part of a wider strategy of regeneration and raising the image of Mansfield as a ‘good place to live, work and visit’.
Executive Mayor of Mansfield Kate Allsop says: “The sale of the former Mansfield Brewery site to Wise Living is great news for the town.
“This is a key brownfield site that has been out of use for many years and we are delighted that it is to be given a new lease of life with much-needed, high quality new rental housing.
“Wise Living’s plans will play a major role in regenerating this part of the town and will contribute to the growing demand for rented housing in the town.”
Martin Wheeler, Co-Head of ICG-Longbow, says: “This site is a great example of the Wise Living strategy in action – the redevelopment of a site that has laid vacant for over fifteen years with modern, high quality, accessibly priced housing, which will be available to rent to local families in little more than a year.”
Andy Deller, Group Strategy Director at SDL Group, adds: “We are delighted to be working with ICG-Longbow on this project, which will give tenants the chance to move away from older rental houses into brand new, professionally-managed properties, all built to a high standard.
“This landmark site occupies a prime location close to the town centre and key local amenities and we expect a high level of interest in the homes when they become available next spring.
“The new properties will be professionally managed by the SDL Group, which currently manages more than 35,000 homes.”