IM Land, part of IM Properties – one of the UK’s largest privately owned property companies – has signed a promotion agreement with mineral extraction company Summerleaze. The 40-acre site in Maidenhead, owned by Summerleaze, could deliver up to 500 high quality residential homes. Spencer’s Meadow is the first in the South East for IM Land, which currently has approximately 6000 plots under its control.
As part of its vision for the site, IM Land is proposing to retain many of the existing landscape assets, with enhanced pedestrian connectivity to local footpaths, cycle routes and countryside links beyond its boundaries.
The Spencer’s Meadow scheme is one of the largest of 48 sites allocated in the emerging Royal Borough of Windsor & Maidenhead Local Plan, where 14,211 homes are proposed to be developed by 2033.
Jonathan Dyke from IM Land said:
‘The need for new homes is undeniable in areas such as Maidenhead where a lack of supply over recent years has meant that house prices have pushed through the roof. It is for this reason that the South East has been a particular area of focus for us and we are delighted to secure this first opportunity in the area to bring forward much-needed new homes.
‘We are currently working with many land owners and local authorities across the country in a similar position, which need to develop sites in order to provide homes and opportunities for the community.’
‘We’re particularly pleased to be working with Summerleaze, a significant local employer which is active in the community and has a long term interest in the local area and a desire not just to create new homes, but a lasting legacy.’
IM Land was launched by Midlands based property company, IM Properties (IMP) in 2016 in response to the acute housing shortage and identifies, acquires and promotes new residential and mixed-use schemes.
Peter Prior Chairman of Summerleaze, commented:
‘We believe that the land at Spencer’s Meadow is one of the most suitable areas for residential development contained in the RBWM draft plan, and that IM Land will promote the area to achieve a development complementary to the character of the area in a sustainable way.
‘We have always sought to provide community facilities on our land and to promote improvements to the town such as the Waterway, so people who move into these new homes will have a choice of recreation on their doorstep, together with excellent education and transport opportunities. The Spencer’s Meadow development will be an example of the advantages of modern living.’
Jason Hill and Tim Watson from Savills Oxford are retained by IM Land and Summerleaze to provide development and agency advice