Green light to build 150 new homes at Mansfield site in £25.9 million project

A financial deal has been struck to pave the way for the building of 150 new homes in Mansfield as part of a £25.9 million project.

Wednesday, 6th October 2021, 4:30 pm
An example of the properties Taggart Homes is building at Forest Park in Annesley. Now the company is to start work on a new development on land north of Skegby Lane in Mansfield. (PHOTO BY: Taggart Homes)

When initially announced back in 2013, the plan for greenfield land north of the B6014 Skegby Lane, not far from King’s Mill Hospital, was shrouded in controversy.

After hundreds of objections from nearby residents, Mansfield District Council refused permission.

But the applicant, landowner Richard Thomas, had the decision successfully overturned on appeal, and now the scheme looks set to finally get off the ground.

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Michael Taggart, the chief executive officer of Taggart Homes.

Award-winning company Taggart Homes is ready to build the houses after forging a joint-venture agreement with Maven, a leading property and private equity manager.

The transaction includes a £3.9 million equity fundraise by Maven’s co-investor syndicate, Maven Investor Partners, alongside an £8.8 million debt facility from Paragon Development Finance.

The new homes will be built over five phases on the 15-acre site in a development expected to take three years.

They will be a mix of apartments, terraced houses, semi-detached and detached family homes, with 120 for private sale, 20 for affordable rent and ten for shared ownership.

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Taggart Homes, based in Northern Ireland and Birmingham, began work earlier this year on a smaller £10 million development, comprising 45 homes, at Forest Park in Annesley.

The company’s boss, Michael Taggart, said: “Following the success at nearby Annesley, we are delighted to be undertaking this development of 150 quality homes on the eastern side of Mansfield.

“Despite the pandemic and supply-chain challenges, we consider the outlook for the housing sector to be extremely positive across the Midlands region.

"We want to build communities where neighbours become friends and where memories are made.

"We always strive to provide the finest-quality properties, where luxury meets convenience.”

Richard Elliott, investment director at Maven, said: “The UK housing market remains buoyant after a period of significant growth.

"We are delighted to partner with Taggart Homes in Mansfield, where I’m sure its award-winning product will be well received by home-buyers.”

The Skegby Lane site borders an established residential area. But when plans were first submitted, residents felt the new homes would encroach on to open space and farmland.

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