Bellway Homes and Care UK have bought an 11-acre site in Thame.
Angle Property and Fiera Real Estate announced they have completed the sale of the site in Howland Road to the developers for a total of £17.7 million in two transactions.
The vacant site was acquired in 2017 on behalf of Fiera Real Estate Opportunity Fund IV UK.
A planning application for 129 new dwellings including 28 affordable homes, a 68-bed care home and a 1,500 sq m B1 office building was granted consent on appeal in May 2020.
A subsequent judicial review claim by Thame Town Council was dismissed in the High Court in February.
The site was sold in two parcels, a 1.4-acre site to Care UK for the 68-bed care home, and the remainder to Bellway Homes. Both completed on March 25.
James Good, director for Angle Property, said: “Our thanks to both Care UK and Bellway Homes for their commitment and perseverance alongside our professional team, in seeing this project through the long and frustrating planning process.
“We wish them every success with their respective developments and Angle continue to seek similar planning led opportunities across the South-East.”
Chris Button, head of value add at Fiera Real Estate, said: “We are delighted to have completed these sales which will lead to the regeneration of vacant and redundant real estate and meet local need for residential and care home accommodation.
“Fiera Real Estate have substantial cash reserves to acquire similar obsolete real estate in well connected, sustainable locations where we can use our skill and expertise to repurpose sites for onward sale for residential and/or industrial uses.”
CBRE and Wright & Partners acted for Angle Property.
