A prominent canal-side development site in Sandiacre has been put up for sale just weeks after councillors approved plans for a 53-apartment retirement living scheme.
The land between Lidl and the Erewash Canal on Station Road is being marketed with the benefit of the recently approved planning permission, with a guide price of £1.1 million.
Last month, Erewash Borough Council’s Planning Committee approved plans submitted by McCarthy Stone for a four-storey development containing 53 retirement apartments for people aged 55 and over.
The decision followed a lengthy debate in which councillors questioned the design of the building and expressed disappointment that the scheme would not provide affordable housing or financial contributions towards local infrastructure.
Despite those concerns, councillors concluded that redeveloping the long-vacant brownfield site and providing specialist accommodation for older people outweighed the drawbacks.
Why Sell After Getting Planning Permission?
The appearance of the site on the market may surprise some residents, but it does not necessarily mean the development will not go ahead.
It is common within the property industry for sites to be marketed after planning permission has been secured.
Planning permission removes much of the uncertainty surrounding a development and can increase the value of a site, allowing it to be sold with the benefit of an approved scheme.
In many cases, one company obtains planning permission before another developer purchases the land and carries out the construction.
The marketing particulars describe the site as benefiting from planning permission for the approved retirement living development.
Any future owner would still need to build the scheme in accordance with the planning permission, unless further changes were approved through the planning process.
We’ll continue to follow the story and bring you any updates on who eventually takes ownership of the site and whether the approved development progresses.