Building can begin on a Basingstoke development a year ahead of schedule thanks to a £2.1 million loan from the Enterprise M3 Local Enterprise Partnership.
The loan has been awarded to Sentinel Housing Association towards the residential development at Chapel Hill and will bring forward the construction of 578 homes.
The project offers considerable economic benefits for the area, particularly from the accelerated delivery of the homes. It will create up to 80 new jobs and see increasing expenditure in the local economy from residents.
Geoff French, Enterprise M3’s chairman, said supporting developments such as this is one of the key roles for the LEP.
“The Chapel Hill development fits very well with current Enterprise M3 and Government priorities,” he said. “We are always looking to support economic growth by addressing the infrastructure and site constraints that may be impeding development.
“Sentinel Housing Association has a fine record of delivering similar projects across Hampshire and this loan will allow them to press ahead with this important development.”
Mike Shepherd, Development and Regeneration Director at Sentinel, says the loan’s made a big difference. “The redevelopment of Chapel Hill’s been long awaited by the local community. The loan we’ve received from the M3 Local Enterprise Partnership has helped us to kick start this development so we can build these much-needed new homes in Basingstoke faster.
“This funding, along with the full planning permission we’ve now received, means local people will see the building of these new homes at Chapel Hill start in the next few months.”
Basingstoke is a key growth town in the Enterprise M3 geography that continues to attract new businesses and people to the town. As a result there is increased demand for additional private and affordable housing.
The Chapel Hill development consists of the former iconic Eli Lilly industrial site and neighbouring land. It is a prominent brownfield site in the centre of Basingstoke, close to the station and shopping centre.
Sentinel is an independent housing association in North Hampshire managing over 10,000 homes, garages and shops. Since its inception in the 1990s it has invested heavily in upgrading existing housing stock, regenerating outdated estates and building much-needed new homes
Media Contact: Will Parsons, Enterprise M3 LEP, 01730 234030