Plans for a £60m luxury homes development on an Essex site that stalled in the downturn are being resurrected.
Residential developer London Square has completed an £18m deal to buy a 12-acre plot at Chigwell Grange from Ireland’s National Asset Management Agency.
The purchase comes after the original owner, Byrne Estates, could not carry through Darling Associates-designed plans for a 45-home development because of the recession.
The site was first put up for sale in 2012 but Nama later decided to hold the asset. It was eventually put back on the market towards the end of 2014.
London Square will lodge Clarke Renner-designed proposals for around 40 homes by the end of the first quarter.
Adam Lawrence, chief executive of London Square, said: “This is our first site in Essex and it is rewarding that we have been able to kick-start a development which stalled as a result of the recession.”
CBRE advised Nama; London Square was not represented.
