Prestigious PAN Development Takes a Major Step Forward
The creation of a new integrated community with each home built to a high standard of design has taken a major step forward after Barratt was today confirmed as developer of the prestigious Pan Development Project on the outskirts of Newport.
The 846 units, 254 of which will be affordable homes, will be powered by an energy efficient and environment-friendly biomass plant burning woodchip sourced primarily from on the Island with the. The first phase of the project can now commence imminently.
The decision releases over £11 million from the Homes and Community Agency (HCA) and generates a financial contribution of nearly £6m from the planning agreement with Barratt. Of this, £1m will be towards new community facilities, as well as significant contributions towards highways, arts projects and local schools.
The development also contributes greatly towards several of the council’s priorities including providing affordable housing to local people, attracting significant inward investment to the Island’s economy and promoting the green agenda.
The scheme also brings £10 million of inward investment from Spectrum Housing Group, a member of Source Development Partnership. The project will also include a new 10 hectare country park, including a ranger station and visitor centre, new recreation and play areas as well as local recycling centres.
Welcoming the milestone, Cllr Dawn Cousins, IW Council cabinet member responsible for housing, said: “In what are difficult economic conditions I am delighted that work on this long-awaited scheme can now start. This development will bring so many benefits to the Island, its residents and its economy.
“This development serves as evidence that the council is taking a lead in addressing some of the issues of major concern to residents, such as the provision of affordable housing to local people, stimulating the Island’s economy and leading by example when it comes to sustainable development.
“Just as we have shown with the Highways PFI, this council is very capable of progressing major schemes. And by applying for planning permission ourselves and because of the way the work will be structured, the council will be able to ensure the houses are built to the very highest standards. The existing Pan community has helped shaped the nature of this development and I am sure they too will welcome this progress.”
Kevin Bourner, Head of Area at the HCA, said: “We are delighted we have been able to help unlock this key site, and we’re looking forward to working with Isle of Wight Council, Spectrum and Barratt in developing high quality and sustainable new homes for the Isle of Wight community.”
James Leaver, Partner, Knight Frank, who handled the sale, commented: "Barratt has been selected as the development partner for the scheme and it is hoped its strong track record and supply chain on the Island will deliver this important scheme for the Isle of Wight, whilst maximising the use of local suppliers and the local workforce.
“This deal represents the culmination of months of very hard work by the Council, its partners and advisers to secure land value, an exemplary residential scheme and much needed affordable housing on the Island.”
Ian Wallace, Barratt Southampton managing director said: “Our commitment to not only bringing vital quality housing to the Island but also creating environmentally friendly lifestyles is of paramount importance. The green credentials of this development, teamed with high specification homes demonstrate Barratt is building homes for the future.
“The Pan development will see us on site for several years, resulting in not only Barratt employing many Islanders directly but also working with local suppliers to deliver this fantastic scheme. We will also be offering a Barratt Academy to train apprentices in the construction industry and assist in building their futures.”
Paul Read, Divisional Director of Development (South East) at Spectrum said: "This is going to be a truly exciting scheme driving forward design and innovation in such a way that the affordable and open market housing will sit together with the existing Pan community."
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