IM Properties’ new strategic land division, IM Land, has won its first approval since being formed last month, with a “resolution to grant outline planning consent” from Stratford-upon-Avon District Council to create up to 1,000 new homes in the West Midlands town.
The consent is subject to a Section 106 legal agreement and planning conditions to be agreed between the two parties in due course.
The new residential quarter will also include retail and leisure space, public space and recreational and sports areas adjacent to the M40.
IM Land’s development is a key part of the 3,000 dwelling Gaydon Lighthorne Heath new settlement and an important part of the council’s overall plan for the district, which requires an average of 725 additional homes a year over the period 2016-2021.
The Stratford-upon-Avon site, next to The Old Gated Road and B4100, is one of a number IM Land is working on, including schemes in Bath, Solihull, Lichfield and Warwick.
IM Land was launched last month with a £1.34bn portfolio, with the ambition to acquire and promote new residential sites to sell on to housebuilders and developers, which require complex planning permissions on behalf of landowners.
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