Gloucestershire site to be transformed into retirement and housing scheme following sale
Cheltenham-based housebuilder Lifestory is set to create a new retirement and housing scheme in Bourton-on-the-Water, after purchasing the site from Midcounties Co-op.
Lifestory was formed in 2019 through the merger of established retirement living housebuilders PegasusLife and Renaissance Retirement with open-market housing specialist Anthology.
This created a business with over 2,500 homes across 50 developments around the UK, with a value over £1.5 billion.
Lifestory has now acquired the site on Station Road which includes a range of existing buildings such as former Countrywide and Co-operative stores and a garage. Following the deal, it will seek planning permission in early 2023 for the brand new development in the village.
The highly competitive sales process was managed by strategic real estate advisor Avison Young and saw a total of 33 bids.
Joe Williams, Associate Director, Land and Development at Avison Young, said: “The Station Road site presented an attractive proposition to buyers, located in a very attractive area, with the potential to add value to the local community. There appears to be no slow-down in demand for quality homes, especially in the Cotswolds region. The regeneration of the site is set to bring new homes where they are very much needed.”
Kathryn Lyddon, CPO at Co-op, said: “We are pleased our non-trade site in Bourton-on-the-Water was so well received by the market, and that, subject to planning, it will be used to provide much needed homes in this beautiful and ever popular area of the Cotswolds. We continue to review our portfolio to ensure it meets our strategic needs and provides value for the Society.”