A new £130m ‘urban village’ will be built in the heart of Exeter after planning approval was secured this week.
Eutopia Homes – a developer specialising in mid-market homes for rent and sale – has won permission for a new sustainable village on a 15-acre brownfield site formerly used by Network Rail.
The project will see 465 new ‘intergenerational’ homes built, including a mixture of affordable homes, built-to-rent properties, housing for sale and care bed space too.
The scheme has been designed with environmental sustainability at the forefront, setting new benchmarks for sustainable development locally and prioritising cycle and pedestrian mobility above car use.
To help tackle car dependency and reduce CO2 emissions, only 0.4 car parking spaces will be provided per unit, with an on-site car club that will be operated through an app-based system.
There will also be a new cycle path and over 1,000 bike spaces provided on-site as well as electric car and bike hire schemes to encourage more sustainable methods of travel.
Future residents will benefit from new outdoor spaces such as public gardens, squares, footpaths, a woodland walk and fitness trail. In total, green spaces make up 65% of the 15-acre site, which is just over a ten-minute walk from Exeter city centre and half a mile from Exeter University.
Scott Hammond, founder and CEO at Eutopia Homes, said: “Our plans will see the creation of a new urban village right in the heart of Exeter and will support the city’s long-term growth by providing much-needed housing across a range of tenures and price-points.
“The whole design of the scheme was led by a commitment to sustainability and green place-making, turning a long-dormant brownfield site into a thriving mixed community that serves people of all ages and incomes.
“The positive comments made by the planning committee, who praised the design ethos of a lower car dependency scheme, will help set new benchmarks for future development in Exeter.”
Eutopia Homes acquired the site from Network Rail in October 2018 with Chenavari Investment Managers.
Cristian Postans, director at Chenavari Investment Managers, said: “We are delighted to be supporting Eutopia Homes on the Exeter deal.
“The UK multifamily sector is a key area of focus for Chenavari and, together with best-in-class investment partners like Eutopia Homes, we continue to back deals with strong underlying fundamentals in core locations with favourable supply and demand dynamics such as Exeter.”
Eutopia Homes was launched in 2017 by Scott Hammond and has since secured a £365m pipeline of mid-market homes for rent and sale on well-connected sites in core regional cities.
The company has also recently announced a £105m scheme in Salford, Greater Manchester that will deliver 500 homes close to MediaCityUK.