Work is set to start on the controversial construction of 197 new homes on farmland on the edge of Old Felixstowe after a £12.5million deal was concluded to finance the project.
Generator Group has been granted planning permission for the development, of which one-third will be affordable homes, in Ferry Road.
It has now agreed a revolving debt package with investors Wellesley Group to develop the 11-acre site.
Residents in the area, and some community leaders, had been against the project, worried about the impact it would have on adjoining countryside, and particularly the traffic it would generate on narrow country lanes and past a school.
Paul Isaacs, managing director at Generator, said: “This is our first deal with Wellesley and it is great to be working with a lender that is experienced and knowledgeable within the residential property sector. We are looking forward to delivering this new development for Felixstowe and to work with the team on this and future projects.”
The debt package will enable Generator to deliver a mix of one, two, three and four-bedroom houses, and apartments. The company will also build the associated roads, infrastructure, car parking, landscaping and public open spaces.
The site borders an Area of Outstanding Natural Beauty, and the developers say it has been designed to complement the natural surroundings, with a tree-lined boulevard at its entrance, extensive landscaping and a buffer of trees along the site boundary.
There will be public open space at the centre of the development to create a focal point and will incorporate a children’s play area.
Generator director Edward Orr said: “We are pleased to be moving ahead with the delivery of this key housing site that will deliver a significant number of high quality new homes for the local area. Felixstowe’s housing needs continue to grow, particularly with ongoing expansion of the port.
“Our site occupies a prestigious location within the town on the edge of Old Felixstowe and close to the coast and countryside, so we expect homes here to be in high demand.”
Andrew Turnbull, managing director at Wellesley Group, said the company was delighted to be providing the flexibility in the finance needed for the project.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules here