Skanska today announces it has exchanged contracts to purchase its first UK residential development site. This news follows the announcement in December that it was to establish a Residential Development business in the UK.
The site, which extends to around 6.5 acres, is situated in Cambridge, and forms part of Countryside Properties’ Great Kneighton development. It has outline planning permission for 128 properties including both houses and apartments.
In the next stage, Skanska will submit details to obtain detailed planning permission for its new homes, which will be delivered based on sound sustainable principles, developed to Level 4 of the Code for Sustainable Homes. It is anticipated that the detailed planning process will be concluded during the first half of 2011 with construction planned to start later this year.
Commenting, Magnus Andersson, President of Skanska Residential Development UK said, “I am delighted we have secured our first land deal for residential development. Cambridge is a very vibrant market and Great Kneighton is in an excellent location close to the M11. This marks the start of an exciting new journey for Skanska in the UK.”
Richard Cherry, Deputy Chairman of Countryside Properties commented, “We are delighted to be working with Skanska on their first residential project in the UK. We share a similar vision which will be realised at Great Kneighton that will ultimately comprise 2,550 new homes and a wide range of community facilities.”