Building will start this autumn to provide 150 new flats in a four-storey scheme on the edge of Corby’s historic heart.
The Station Road scheme next the Corby Old Village will provide 60 one-bed apartments and 90 two-bed apartments but will only have 94 parking spaces.
When it went before planners in a Corby earlier this year, several of them raised concerns, although it was given the go-ahead after a favourable report by officers.
The North Northants Joint Planning Delivery Unit had also voiced worries before the meeting, claiming the scheme made ‘poor use of the available land and what little amenity space there is, is poorly designed, disconnected from the dwellings and with limited function.’
The land in Station Road was previously owned by Corby’s various government development agencies before being transferred to Homes England, the government’s affordable housing overseer.
It has now been sold to developer Hecurl, although no affordable housing will be provided on the site as all the flats will be rented out.
The price the land sold for has not been revealed by Homes England.
It’s believed the development will be the first purpose-built scheme in Northamptonshire where 100 per cent of homes will be available for private rental.
As part of the S106 agreement - where a developer agrees to make contributions to the infrastructure of the local area as part of the planning permission - Hecurl will have to pay £65,000 to provide extra capacity at Corby Primary Academy and £37,000 to help provide a new secondary school for the town.
Charles Amies , Head of South East Public Sector Land at Homes England, said: “Our role is to accelerate the delivery of new properties on the land we own so more people can access the quality homes they need in the areas they want to live.
“We’re pleased to have agreed the sale of this well located site to Hecurl, especially as they’ve taken the innovative step of creating a development entirely available to people looking to rent a home. I look forward to seeing these new apartments form part of the wider regeneration of Corby.”
Athar Rashid, Managing Partner at Hecurl, said: “We are delighted with the encouragement shown by Corby Council in supporting a Build To Rent development on this gateway site for the town.
“This flagship scheme will give local residents the opportunity to rent an affordable modern home, professionally managed and close to the town centre and local amenities.”
Paul Oliver, CEO of Curlew added: “We hope that this first deal with Homes England will help to speed the delivery of BTR assets for both occupiers and investors – a mutual objective for both organisations.”
Hecurl is a joint venture between investor and developer Hector Newton and Curlew asset management.
Hector Newton has been in the development business for 20 years. It says it seeks out key locations where it believes there will be future government investment in infrastructure and regeneration, developing close relationships with local authorities.
Curlew specialises in purpose-built student accommodation and other alternative forms of development.