Property developer Urban&Civic has purchased 907 acres of freehold land as part of the 5,000-home Priors Hall development in Northamptonshire.

The company has acquired the land in two local authority areas, Corby Borough and East Northamptonshire District, for a consideration of £39.9 million. The deal was completed with administrators of the original owners.

In a separate deal, the developer has also purchased a further 58 acres of mostly contiguous woodland at the site for an additional £550,000.

Priors Hall already has an existing outline planning consent for 5,095 units, some of which has been sold to seven different housebuilders and is in the process of being built out.

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The scheme is split up into three residential phases, with the new homes set within lakes, open parkland and forests. Overall, Urban&Civic is taking control of 3,656 uncontracted plots, substantively comprising Phases 2 and 3 and the benefit of outstanding sums on Phase 1.

With more than 1,000 residents already living at the development, housebuilders on site include Barratt and David Wilson, Taylor Wimpey, Kier and Francis Jackson Homes. Close to 200 homes have been completed at Priors Hall in the 12 months to March 2017.

Nigel Hugill, Chief Executive of Urban&Civic, said: "The acquisition is right in our sweet spot: complicated history, long and supportive funding structure, demonstrable potential for better project organisation and improved planning.

"Plus the fundamentals are strong: 68 minute direct rail service into London and 7 million people living within 50 miles. Recent house price growth in the local area is amongst the highest in the country, whilst Priors Hall has been achieving sales of around 200 new homes a year despite being under managed and over leveraged.

"We believe our skills and experience as incoming Master Developer confer competitive advantage for which we expect to be rewarded with superior returns."

(LM/MH)