Wellow property development boosted by landowner's offer

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TBM Team

An area in Wellow, Isle of Wight, has been earmarked for an £80,000 private investment in affordable housing. The funds have been offered by the landowner and as a result it will be easier for development of brownfield land in the area.

Steve Cowley received planning permission to create 16 homes on Lee Farm just over four months ago and has attempted to sell the site to a property developer. Despite this problems attached to the sale of the land, which is positioned on the Wellow Main Road, emerged.

At the Council’s planning committee meeting, officers said that the rising costs of material, labour and fuel, on top of possible financial risks around brownfield land, had led to Mr Cowley encountering difficulties in selling the site. According to them, developers said it wasn’t tenable to build on the approved plans and still make a profit.

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In order to reduce those financial pressures, Mr Cowley has proposed to pay the sizeable financial contribution towards affordable housing ahead of building works, meaning that interested property developers won’t have to make that payment at the end of the operation.

It’s thought that this will result in him paying £80,000 towards affordable housing elsewhere on the Island, rather than the previous £27,120 by developers.

Despite this, a number of members of the planning committee expressed concerns about taking the £80,000, worrying that it may end in them losing money later in the process, but Officers have said that this eventuality would be unlikely - and that the rising costs are undermining the development.

Whilst Councillor Matt Price expressed the view that the council could be wasting £50,000 if it did not go ahead with the approval, he also said that the funds should be provided ahead of any work at the site.

Councillor Price suggested that the council request the money three months after completion of the sale of the site - or whenever the development starts. Additionally, he asked that the legal agreement should be signed within six months of the meeting.

TBM Team