Peacehaven, East Sussex, UK
Our latest strategic land investment site is located on the eastern edge of the town of Peacehaven, a large town in the Lewes district of East Sussex. On successful allocation of the site for residential use, it is projected that investors will enjoy close to 400% return over a 6 - 7 year period. This equates to an approximately 22% annualized return.
The site is located directly adjacent to the north eastern boundary of Peacehaven and is approximately 56 acres in size of which 50% will be retained for company benefit and 50% made available for investment. Peacehaven is a large settlement that lies between the City of Brighton, Eastbourne and Lewes. The site itself is gently undulating and is currently farmed under arable rotation with access off Telscombe Road.
Our Planning Department Comments
- Peacehaven falls under the administrative authority of Lewes District Council which is in the process of completing their current Core Strategy due for adoption later this year. The site will be allocated as countryside within the plan but is not designated greenbelt. Under the South East Plan, the Lewes district has a housing target of 3000 homes that need to be delivered within the plan period and the current Core Strategy, due for adoption, will fail to meet this target requiring the council to find additional sites in their next review. Peacehaven is well supported with services making any site adjacent to it a Sustainable Urban Extension site and the land to the south of our site has already been allocated for development for 450 units.
- The site represents an excellent opportunity to secure planning allocation for residential development in the medium term. We will be promoting the site through the Core Strategy review process and subsequent Site Allocations Document for inclusion as a residential development site within 6 - 7 years.
Latest Planning Update
Subsequent to the July 2019 Planning Update, we can confirm that a meeting was held with Lewes LPA at the end of August and the meeting was generally positive.
Lewes has confirmed that there is high potential for the site to be utilized for both environmental housing alongside its provision as a traffic node to alleviate traffic and congestion within the area.
We have commenced with a review of local transport that will form part of the pre application process with both local authorities, namely Lewes District council and South Downs National Park. We only expect these pre-applications discussions to commence in early 2020.
Further to the above, the National Parks across the UK have come under increasing criticism for not providing sufficient housing to the national target and the SDNP was singled out as being one of the worst performing authorities. This increased pressure is already translating into an increased sense of urgency for the LPA.
We expect to have some feedback on the preliminary discussions by June 2020.