Newbury Racecourse has confirmed its joint venture with David Wilson Homes, part of Barratt Developments, to redevelop land around the Berkshire racecourse.
The development agreement will see David Wilson Homes acquire three parcels of land at the racecourse known as the Western, Central and Eastern sites.
Some 1,500 homes will be built over 10 years, and will include 30% of affordable and shared equity housing. It will also include investment in the local transport network and a contribution towards education, healthcare and social care.
David Wilson Homes will pay the racecourse an initial £5.1m. It will then pay £42.6m over the 10-year programme with the majority of payments being received in the latter stages of the project. The racecourse is expected to receive £33m net of tax and all related costs.
David Wilson Homes is anticipated to start on site in 2012 with housing sales from mid-2013.
The construction of the flats on the Central site and the proposed hotel will form a second phase from 2015.
Newbury Racecourse is currently reviewing a number of opportunities to refurbish the grandstands and associated visitor areas as well as exploring options to deliver the proposed hotel and the development of the golf facilities at the racecourse.
annabel.dixon@estatesgazette.com
