Wavensmere Homes and BBS Capital have secured planning permission from Cheltenham Borough Council to transform the North Place car park into a new residential development.
The £55 mln (€64 mln) Arkle Court development will feature 147 houses and apartments, complementing the Grade II listed St Margaret's Terrace.
Architects Glancy Nicholls have been selected for the construction of the 75 three-bedroom townhouses and 72 one and two-bedroom apartments, set to begin shortly, following finalization of the development agreement.
Spread across more than 1.4 hectares, the development will feature extensive landscaped green spaces. The site is conveniently located just under half a mile from the town center and accessible by car, foot, and bike via North Place.
James Dickens, managing director of Wavensmere Homes, said: ‘There has been a desire to redevelop this key site for Cheltenham for over a decade. It has taken years of partnership working to get to this point and our delivery will showcase what can be achieved when the Borough Council and developers work together to unlock complex regeneration schemes for the benefit of Cheltenham.’
Nick Spencer, director, and co-founder at BBS Capital, added: ‘We are thrilled this landmark brownfield site can now finally be redeveloped to deliver highly sustainable family houses and apartments, with over 100 construction jobs to be created in the process. While the viability assessment for the project did not allow for 20% affordable housing, we will proudly be delivering this allocation on-site, along with a contribution of over £1 mln towards upgrades towards local education, libraries and the Chilterns Beechwoods Special Area of Conservation.’
Arkle Court will be entirely gas-free and designed to achieve an energy rating of A. By using locally sourced materials, Wavensmere Homes aims to minimize the development's carbon footprint. The homes will incorporate a range of sustainable technologies, such as air source heat pumps, solar panels, and energy-efficient ventilation systems. Each home will also include a dedicated parking space with a 7kW electric vehicle charging point.
Wavensmere Homes is currently building major residential projects in Birmingham, Derby, and Ipswich, with five additional large-scale developments in the pipeline, including the £150 mln (€176 mln) Wolverhampton Canalside South scheme. The Birmingham-based real estate developer has a development pipeline of approximately 3,500 new homes.
