Investment fund in bid to build north Shropshire homes

An investment fund linked to Oxford University is behind plans for 11 homes at developments located in the north Shropshire countryside.

It has tabled bids to create barn conversions and renovate a farmhouse at two sites near Market Drayton – claiming it has struggled to find commercial uses for the sites in recent years. At Cotton Farm, in Stoke Upon Tern, there are plans to convert barns into five homes.

At Bowling Green Farm, in Peplow, there are plans to renovate and convert a farmhouse into two dwellings and carry out another four barn conversions.

Applicants The Chancellor, Masters And Scholars of The University of Oxford, are behind the plans.

In Stoke Upon Tern, they want to convert existing barns into five homes and create a new garage block following demolition of metal framed sheds.

Shropshire Council planners are aiming to reach a decision on the plans in January and a public consultation period is due to end on December 20.

A commercial statement prepared on behalf of Oxford University Endowment Management Ltd claims the residential development is being put forward after attempts to find a commercial use for the site failed.

OUEM is a not-for-profit organisation wholly owned by the University of Oxford which provides investment management services for the benefit of the university, the colleges and charitable trusts associated with the university.

The statement said: "Lack of demand and unfeasible costs make a commercial use of the buildings unsustainable.

"We conclude that the only viable option in respect of Cotton Farm Barns is a conversion to residential use.

"This is not only on the development appraisal and financial returns produced by the scheme but in terms of the amenity, highways and access issues and the general locality of the adjoining area."

In Peplow, the developers want to renovate and convert the farmhouse at the site in The Avenue to create two homes.

They also want to convert four barns into homes and build a garage block plus a car parking area and an amenity area.