Planning permission has finally been granted for a new Student ‘Village’ to be constructed behind Tritton Retail Park on what was formerly the Ruston and William Sinclair Holdings site.
The proposed development to be undertaken by Ashcourt of Hull will potentially accommodate over 600 students in multiple buildings.
Brown & Co negotiated the sale of the site on a subject to planning basis on behalf of Riverstone Developments Ltd for £5M in 2021. Brown&Co had purchased the site on Riverstone’s behalf in 2018 from the receivers of William Sinclair Holdings for £1.6M prior to extensive demolition and site clearing works by the purchaser.
James Cameron, Partner and Head of Commercial Agency at Brown & Co’s Doddington Road office in Lincoln said: “The long-awaited grant of planning consent for Ashcourt’s scheme on our client’s site will bring a welcome new addition to the student market in Lincoln.
“We and Ashcourt believe the new scheme will be well received with strong take-up, given the expanding nature of Lincoln University and particularly now the new Medical School is open.”
“We purchased this site for our retained clients, Riverstone, just over 3 years ago. The 9 acre site was then cleared by Riverstone at a substantial cost prior to us marketing it on their behalf in the latter part of 2020.
“Substantial interest was shown by a number of potential purchasers with Ashcourt becoming the preferred bidder in early 2021 for a student-led scheme and where a sale was negotiated at £5million on a subject to planning basis.
“We very much hope that the sale will be concluded in May 2022 once the Section 106 Agreement has been completed.”