A cross-firm team from Gowling WLG has advised South East-based community creator Thakeham Homes on the purchase of land at West Horsley, Surrey in a joint venture with Abri, one of the south's largest housing providers.
Work is expected to begin on the 139-home development in May 2022 with completion in Spring 2024. Thakeham will build a range of two-storey homes, apartments on the green field site; a combination of 83 homes for private sale and 56 affordable homes.
The plans feature a Suitable Alternative Natural Green Space (SANG) for the homes to the North of the site. Other highlights include a junior sports hall and two padel tennis courts. Thakeham will also provide a new building for Footprints Day Nursery facility within the development.
With the highest standards in sustainable community creation, the homes will be built with a selection of solar panels, fast electric charging points and high standards of insulation. The new homes will achieve at least 30% reduction in carbon emissions, exceeding the policy requirement of 20%.
Hugh Maule, partner at Gowling WLG, led the cross-firm team advising on the transaction, working alongside colleagues from corporate, real estate and finance. Hugh said: "We are thrilled to have supported long-standing client Thakeham Homes on this deal. Our real estate colleagues have been working with Thakeham for a number of years to achieve planning permission. Having done so the joint venture has now been put together and we are so pleased to have played a part in completing the transaction which will lead to the creation of much-needed new homes including affordable homes. We look forward to following the progress of the development over the next two years."
Thakeham CEO, Rob Boughton said: "The development will focus on affordability and sustainability. We reduced the predicted annual carbon emissions from this development by more than 20,000 kg CO2 of what was required. That is effectively the equivalent emissions of nearly 10 homes every year. The properties will achieve this with enhanced insulation and by doubling the air tightness.
"It's wonderful news that work is about to begin on this development. This joint venture with Abri has been in strategic planning and promotion for eight years. Our shared focus on sustainability has meant we now expect to meet ambitious targets over and above those expected by the local authority. After so much hard work we now look forward to creating much-need affordable homes for local buyers. We can't wait to get started."