Stoford Ventures Ltd has sold a one-acre development site in South Yardley, Birmingham to Galliford Try Partnerships for £500,000.
Planning permission has been secured to build 16 affordable homes on the canalside scheme off Mansfield Road for Midland Heart Housing Association, as well as the conversion of ‘Pinfold Barn’ into two further dwellings that will be available for purchase on the open market through Galliford Try’s housebuilding brand Linden Homes.
In Medieval Britain a ‘pinfold’ was an area where stray animals were rounded up if their owners failed to properly supervise their use of common grazing land and a fine had to be paid for their release.
Dominic Stokes, Director of Stoford Ventures, a subsidiary of leading Midlands-based property specialists Stoford Developments, said: “We are delighted to have secured a deal which will regenerate the area and create much needed new, affordable housing. The redevelopment of the historical barns will be a unique feature for the area.”
Chris Loizou, Development Manager of Galliford Try Partnerships Central added: “This is another positive example of how regional developers can work with Registered Provider partners to regenerate brownfield sites and provide much-needed affordable housing for the people of Birmingham. We look forward to working with Stoford Ventures on other opportunities that will create and improve the residential landscape.”
Carl Larter Director of Assets at Midland Heart said: “We are very pleased to announce that planning permission has been granted for this impressive scheme which will have a positive impact on the ongoing transformation of the area. Construction will start February 2013 and we will be providing the area with range much needed family homes.”