Northern Trust entered into a promotion agreement with the landowners in 2013 following which the site, located within the open countryside to the east of Telford in Redhill, has been subject to an extensive planning strategy.
This has resulted in the grant of outline planning permission in November 2017 for up to 450 new homes, retail floor space, a pub, open space and associated landscaping.
Northern Trust and Vistry have since worked collaboratively on the reserved matters application and the discharge of relevant conditions, with Vistry securing reserved matters planning permission for 450 homes in March 2021.
John Tootell, strategic land and planning executive for Northern Trust, said: “Having worked in partnership with the landowners for over eight years I am delighted to confirm we have completed the sale of this important site to Vistry.
"We are extremely grateful to a fantastic project team for their hard work throughout in what has been a very challenging and complicated project. Without their hard work and professionalism we would not have been able to achieve this fantastic result.
"It has been a pleasure to work with Vistry, the collaborative approach to all issues is testament to their team and demonstrates what can be achieved when all parties work together in pursuit of common objectives.
"I must also praise the diligence and pragmatism of the planning officer’s at Telford & Wrekin Council, their approach throughout the course of the project has been fundamental to its success.
"We are excited to see homes being delivered and the significant benefits to the local community come to fruition.”
Matthew Haynes, senior land manager at Vistry Homes (Mercia), said: “We are delighted to have acquired a sizeable scheme in a desirable location in Telford.
"Our detailed approval has followed Northern Trust’s masterplan to deliver 450 homes centred around retained trees, hedgerows and ponds to provide a substantial amount of open space. We look forward to our imminent start on site and delivering both our Linden Homes and Bovis Homes products to what will be an attractive development.
"The deal has had numerous challenges along the way, not least having to manage the whole process in the backdrop of Covid restrictions. To complete the deal has been a huge team effort with Northern Trust to which we thank them for their dedication and hard work.”
Andrew Dixon of Andrew Dixon & Co, who provided agency services for the disposal, added: “We have worked with Northern Trust for a number of years to bring a complex site to fruition and on behalf of the landowners we are delighted to see the sale to Vistry now completed.”