After a two-year wait for planning approval, Property Capital has acquired an 18-acre plot at the former Leyland Motors test track from joint landowners South Ribble Council and Pilgrim Technology.
Permission was granted for a 120-acre masterplan in 2017 but approval for the 197-home first phase, which will be delivered by Barratt Homes, didn’t come until October 2019. Work is now due to begin in April.
Property Capital has outline consent for 753 homes, 53,800 sq ft of offices and around 250,000 sq ft of industrial.
The scheme is part of the £434m Preston, South Ribble & Lancashire City Deal.
Caroline Hanratty, real estate partner at Mills & Reeve, which advised on the sale, said: “It is great to see the development get underway and we are pleased to advise on the land sale.
“The redevelopment of the test track will play a pivotal role in the Preston, South Ribble and Lancashire City Deal which will see hundreds of millions of pounds invested in expanding the transport infrastructure and creating thousands of new jobs and homes.”
Richard Lever, land and planning director at Property Capital, said: “Property Capital has worked tirelessly with its team of external consultants to create a fully integrated and sustainable scheme which will deliver new homes, including affordable housing, new jobs, community facilities, green infrastructure, extensive local highway and public transport improvements and a new primary school.
“Property Capital, in its role as lead developer, is responsible for delivering the employment land uses, community facilities and new school during the life of the development.”
The site was purchased for an undisclosed sum.
Turley is the planner for the project.