RadioStation Rugby receives £35m HCA loan to accelerate delivery
RadioStation Rugby, a joint venture between Urban&Civic and Aviva Investors, is pleased to announce that it has received a significant loan from the Homes and Communities Agency’s (‘HCA’) Large Sites Infrastructure Fund (‘LSIF’) for the sum of £35.5 million to fund the construction of an important new link road at their 1,200 acre urban extension site.
A major contributor to the area’s high demand for new housing, RadioStation Rugby is on the government’s list of national priority sites and the £35.5 million loan from the HCA will enable an accelerated delivery of the scheme’s 6,200 homes, together with commercial space, schools and landscaped green areas. The loan will be used to fund a new link road connecting the site to Rugby town centre at a much earlier stage in the development process than would have otherwise been possible, bringing forward its overall delivery.
Outline planning permission for the redevelopment was granted in May 2014 and since then Urban&Civic, which owns RadioStation Rugby jointly with Aviva Investors, has been working with Rugby Borough Council, Warwickshire County Council, the HCA and Natural England to begin the transformation of the brownfield land.
Progress in delivering the scheme, which will be completed in phases over a 20 year period, is underway, with preliminary infrastructure works and construction of roads having commenced as Urban&Civic prepares the site for housebuilders to move in. Davidsons Homes is signed up for the delivery of RadioStation Rugby’s first 250 homes, with a second housebuilder currently in solicitors’ hands.
Richard Coppell, Development Director of Urban&Civic, commented:
“We welcome this important investment into the Rugby project. The scale and location of this site puts it on the national radar as well as being locally significant. RadioStation Rugby delivers much-needed housing for a growing town as well as being a key driver of local economic growth – and this is why the link road in particular is so important as it facilitates a vital connection to the town centre. We hope to have the road complete by the end of 2018 and we look forward to announcing further land parcel agreements with housebuilders as we progress the wider scheme over the coming months."
“We are also very pleased to build on our strong partnership with the HCA following the support it provided for another of our strategic sites in Newark, and we look forward to working together in the long term as we grow these new communities.”
Lindsey Richards, Head of Midlands North and South for the HCA, commented:
“RadioStation Rugby is going from strength to strength thanks to a really strong emphasis on investment in upfront infrastructure like schools and community facilities. We are pleased to play our part in supporting this important redevelopment project further, enabling the link road to be completed well ahead of schedule. The HCA’s investment will unlock land, accelerate housing delivery and supports the Borough Council’s ambitions for growth.”
Ian Davis, Executive Director at Rugby Borough Council, commented:
“We are delighted that the investment by the Homes and Communities Agency will mean that the completion date for the new link road will be brought forward. The link road connects the development and the town centre, which is good for the town centre economy. It will also provide much-needed relief for neighbouring communities such as Hillmorton.”