Lovell has joined forces with social housing provider Acis to secure a £16 million development of 100 brand-new family homes at Chestnut Drive, Louth, Lincolnshire.
The new partnership scheme will deliver 30 affordable homes for Acis. Both Acis and Lovell will be equal investment partners in the 70 homes set to be sold by Lovell on the open market.
Seventy two-, three- and four-bedroom homes, including semi-detached and detached home styles, will be available for private sale from Lovell while the 30 affordable homes include one-bed apartments and two-, three- and four-bedroom properties.
The scheme will bring a varied collection of house styles to an established residential area about a mile from the Georgian market town’s historic centre.
Lovell regional managing director Robert Adams says: “We’re delighted to have acquired this superb site and to have finalised this major partnership deal with Acis. The development will create much-needed new homes at a location within walking distance of the town centre with all its amenities.
“Built to the highest standards, properties will look attractively traditional while offering contemporary interiors created to work for modern lifestyles. We’re extremely pleased to be helping increase options available to local homebuyers as well as boosting the supply of affordable homes locally.”
Andrea Lowman, Director of Property Services at Acis, said: “We’re very pleased to be bringing more affordable homes to Louth, building on our existing footprint in the town. We look forward to expanding our services to more people in the area and help people to get on the property ladder.”
Lovell began construction at the end of 2018, with the first homes set to be released for sale in June 2019 when the development’s two show homes are also set to be unveiled. The overall development is scheduled for completion in 2022.