Developers are ready to push forward with the next phase of Elsea Park development after enjoying huge success selling the first properties built on the outskirts of Bourne.
A reserved matters planning application for 289 homes and two shops on 16 acres of land flanking the A151 Raymond Mays Way has been has been submitted to South Kesteven District Council.
The application has been made by The Noble Consultancy on behalf of developers Taylor Wimpey East Midlands.
Managing director of Taylor Wimpey East Midlands Dominic Harman said: “Our existing Oak Springs development (in Elsea Park) has been very successful and exceeded all of our expectations in terms of reservations and customers moving into their new homes at this award-winning site. “We are keen to have continuity in the area so that we deliver the much-needed new homes that Bourne so clearly needs.
Land Planning director Colin Williams said: “We are one of the first developers to invest in Bourne since the recession hit. The next phase will provide further facilities and help boost the economy of Bourne and the surrounding area.
“We are excited about the whole thing and now looking for the council to get behind us so we can get started.”
Taylor Wimpey East Midlands is hoping for planning permission to be passed by the end of July with a view to starting construction before Christmas. The development will take about five years to complete.
The project was given outline planning permission in June 2001, the new application is detail the final details of the next phase of the development.
The Elsea Park development will provide about 2,000 new homes in Bourne, a neighbourhood shopping facility, public house, school, parks and community centre on about 300 acres of former agricultural land.
Angela Eckford from Eckford’s estate agents in Market Place, Bourne, which has been selling properties developed by Kier Homes, Tayor Wimpey and Larkfleet, said: “The properties are selling well and the new government schemes helping people with deposits are encouraging people to buy a house in Elsea Park.”
The Help To Buy equity loan given by the government means first time buyers need to find just five per cent of the deposit for a newly built home with at least 75 per cent of the cost met by a mortgage.
The other 20 percent required for a deposit is paid for by the government through an equity loan with no loan fees charged for the first five years of owning a home.
In the sixth year, the homeowner will be charged a fee of 1.75% of the loan’s value. After this, the fee will increase every year.