Sayer Close, Leamington Spa opening event and new properties

08 January 2019

Sayer Close - Phase 1 of the Station Approach, Leamington Spa development - is now completed, comprising 24 flats over 3 blocks.

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Historically the site had been used for industrial purposes including storage/track access for Network Rail, bus depot for Stagecoach, car sales and a multi-storey car park, which resulted in coal and contamination being deposited on the land.  For many years this site had been identified by Warwick District Council as a potential redevelopment area and many efforts over the last five years to assemble the site in its entirety, proved unsuccessful.

Finally, this site has been developed in partnership with Warwick District Council and A.C.Lloyd developers.  The result of which is that a long standing and prominent eye-sore for the Town has now been developed out and the area much improved. The scheme was a ‘land assembly’ of various parcels of land owned by Homes England, Warwick District Council, Network Rail and Stagecoach. Waterloo purchased the land and sold a piece to the developer for private sale.

This scheme comprising of 212 new homes is being built over 4 phases.  Phase 1, which is now complete comprises 24 flats over 3 blocks.

The whole development comprises of 75 Shared Ownership properties for sale and 85 affordable rented properties, plus 52 private sale homes.  Waterloo’s new homes are a mixture of 1 & 2 bedroom apartments on Sayer Close with 1, 2, 3 & 4 bedroom houses and apartments being delivered over the next 3 phases.

View of ongoing development at Station Approach

The contract sum was £5.1m for phase 1 (Sayer Close), with total development costs anticipated to be £35m for the whole scheme. All properties will have been built under the Homes and Communities Agency 2015/18 (Homes England) development programme who part fund the whole scheme in the sum of just over £5m.

Warwick District Council made an invaluable contribution by part funding the scheme in the sum of £400,000 from their Housing Fund to help purchase the first parcel of land to enable the site to be assembled, and a further £600,000 from their New Build Homes Allowance to support the development costs, without which the scheme would not have been viable.

Once all the new homes are completed (Waterloo’s homes by December 2019/private sale homes 2020-21), the site will also have a new Council owned car park with 99 spaces, plus an access road for Network Rail.

Properties for Sale - Shared ownership properties for sale are due to be available for local people in Spring/Summer 2019. Prices will be confirmed closer to completion but as a guide we are expecting to be in the region of £180,000 (1 bed apartment); £225,000 (2 bed apartment); £256,000 (2 bed house) and £310,000 (3 bed house).  Shares from 25% to 75% will be available dependant on applicants’ affordability.

Properties for Affordable Rent - Waterloo receives nominations for the Affordable Rented homes from Warwick District Council via their HomeChoice allocations scheme and all properties (24 apartments) at Sayer Close are now occupied by residents whom have a local connection to the Warwick District.  The rents we have charged are as follows:-

Property Type

Gross Rent pcm

(Excluding service charges)

1 bed, 2 person apartment

£482.18

2 bed, 4 person apartment

£622.14