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Joint venture plan for main mixed-use scheme

Joint venture plan for major mixed-use scheme

A joint venture to develop almost 3,000 homes and business space in Leicestershire is to be considered.

The county council’s cabinet will meet on Friday 22 November to discuss plans for a 550-acre development on land east of Lutterworth which would include 2,750 new homes and generate 2,500 jobs.

The authority is currently applying for permission for the scheme, which would also feature about 1,000 affordable homes as well as 247 acres of green space and two new primary schools, from Harborough District Council.

A total of 56.8 acres of retail and business space is also being applied for.

Cabinet members are set to discuss whether to set up a joint venture with a private sector partner on a 50/50 basis to fund, develop and manage the scheme.

A council document published ahead of the meeting said: “The risks generated by self-development of the employment site to the south of Lutterworth East are clearer and more manageable and the financial rewards significant enough to offset these, therefore this area will be developed by the council independently of the joint venture.

“The specific objectives developed for delivery of the Lutterworth East SDA reflect the aspiration for a high-quality development in line with the council’s Strategic Plan outcomes whilst also recognising the need to generate financial returns relative to the risks taken during development.”

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