The Isle of Wight Council and Spectrum Housing Group have signed a £120M Residential Development Plan called Pan Development, which will be built next to Pan Estate in New Port. New Port is the largest town in the Isle of Wight and has been recognized for its commitment to regeneration projects.
The £120M residential project will have 800 housing units, along with an associated biomass boiler facility, ranger station and country park. These housing units will be built with a minimum environmental standard of code for sustainable homes Level 4. It is expected that work will begin next week.
Commenting on the development agreement, Rebecca Rees and Jeremy Hunt, partners at Trowers & Hamlins, who co-led and advised the Council and Spectrum, said, “The successful completion has included a ground-breaking procurement process, designed to achieve a successful solution in a difficult market-place and highlights our dedication to supporting regeneration projects throughout the UK.”
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