Construction work has started on what has been dubbed “one of the most significant urban regeneration projects in the UK”.
Spades are now in the ground at the Lotmead site on the edge of Swindon where an initial 2,500 homes will be built as part of the wider New Eastern Villages (NEV) project, 30 per cent of which will be affordable.
The broader plans, which are a joint venture between housebuilder Vistry Group and affordable housing provider Sovereign Network Group (SNG), will eventually see 8,000 homes constructed alongside new employment, health, retail, education and leisure facilities, supported by Swindon Borough Council.
It will be located to the east of the A419 and is estimated to span 724 hectares, with its eastern boundary reaching the point at which the River Cole meets the A420.
Lotmead is one of the first villages to be brought forward within the wider scheme and will include a local centre, two primary schools, sports hub and green space on a 417-acre site.
Vistry Cotswolds will initially build 214 homes under its Bovis Homes brand in the first phase of Lotmead, known as King George Park, on a 39-acre parcel of land in the south-western part of the wider site.
This will include 153 properties for private sale through Vistry’s Bovis Homes brand and 61 affordable homes for low-cost rent or shared ownership through SNG.
“The New Eastern Villages scheme is one of the most significant urban regeneration projects in the UK,” said Supriya Ray, regional managing director of Vistry Cotswolds.
“This exciting development will not only help to address the country’s housing shortage but also assist Swindon Borough Council’s aspirations to kick start economic growth in the town and wider region.”
Outline planning permission for Lotmead was granted in 2021 and detailed plans for the first phase were approved in June this year.
Properties will include a mix of two, three, four and five-bedroom houses and eight one-bedroom apartments.
Section 106 Agreement
As part of the planning agreement, Vistry will be providing investment in local services and infrastructure, which is expected to be in the region of £60 million.
In addition, the housebuilder will be providing allotments, sports pitches, two play areas, a new road, cycle links, and a sports pavilion.
The first homes are due to be completed by Summer 2025.
It follows a major business restructure by Vistry where the FTSE 250 company merged its Housebuilding and Partnerships operations.
Group chief executive Greg Fitzgerald said merging the two operations was the best scenario for sustained growth in housebuilding and to meet the group’s aim for returning £1 billion to shareholders over three years.
As part of the restructure, Vistry is reducing its regional business units from 32 to 27.
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