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Curo launches plans for £100m commercial development
A housing association has announced plans to build a £100 million, 1,100-home development on a 47-acre former Ministry of Defence site.
Curo is developing the scheme on the Foxhill site in Bath, vacated by the MoD in 2011. It plans to build 700 new homes, and regenerate 400 existing properties as well as providing retail and community facilities.
The site sits alongside a 22-acre estate, 75 per cent owned by Curo, which will also be regenerated as part of the scheme.
The commercial development, being built without grant, will offer a range of high-quality homes for sale on the open market as well as a 35 per cent affordable housing provision.
Curo posted a £5.72 million impairment charge in its 2012/13 accounts as a result of purchasing the site, for which a number of commercial developers were also bidding.
The 12,000-home landlord paid a premium because of its close proximity to the existing estate which it wished to regenerate, then wrote down the value in its accounts.
Victor da Cunha, chief executive of Curo, said: ‘Unlike many commercial developers we are long-term investors in the neighbourhoods in which we develop, continuing to own a significant proportion of the homes we build.
‘We want to generate profits through commercial activity like this to pour back into our social purpose – securing the long-term future for our organisation and our customers.’
Curo is currently working with masterplanning architects HTA Design and members of the local community to develop plans for the scheme and intends to build the first new homes in 2016.
