Crest Nicholson announces major new sustainable residential development in Scotland
Crest Nicholson has exchanged contracts with joint venture partner, the Royal Bank of Scotland, to design and oversee the delivery of a major sustainable community at Heartlands in West Lothian, Scotland.
Chief executive, Stephen Stone said: "The Heartlands development represents a new departure for Crest and gives us our first project in Scotland. We look forward to working with our partners to set a new standard for high quality sustainable development in the central belt of Scotland."
The gross development value of the initial residential scheme is estimated to be around £300m. Already benefiting from outline planning permission, the first phase of the development will comprise of 2,000 dwellings and associated community infrastructure. Crest has also taken options over future phases, which are already allocated for development, and could total a further 3,000 dwellings.
Crest's role is initially to master plan the development area and establish design principles for the site as a whole. The majority of the development value created will be realised through sales of serviced land, but the company will retain at least 30% of the site for its own residential development.