Southern Grove has exchanged contracts to acquire a residential site earmarked for the world’s most sustainable residential development.
The residential developer has bought the site of The Beacon in Hemel Hempstead out of receivership, two years after it hit the market.
The 16-storey tower had been slated to be the UK’s first zero-emission residential building, from developer Lumiere Acquisitions, due for completion in 2018.
Construction never started and it was put up for sale after the debt held against it was called in by its bridge lender, marketed by Allsop seeking offers in excess of £8.5m.
Southern Grove will now work up fresh plans and partner with a housing association to deliver a 100% affordable scheme of 170 affordable-rent and shared-ownership homes.
The scheme will be designed by ECE Architecture, with a planning application to be submitted this summer.
Tom Slingsby, chief executive of developer Southern Grove, said: “Hemel Hempstead desperately needs more affordable homes and we are proud to be tabling the latest in a series of projects for fully affordable schemes right where people need them.”
PwC acted for the receivers.
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