Orwell Real Estate has secured planning permission for a major £140m Build to Rent led, mixed-use redevelopment in Basildon town centre. The scheme – known as Market Square – will include Build to Rent apartments and flexible commercial space.
Orwell Real Estate was advised on the Build to Rent strategy and funding by Cap Real Estate and on the planning by Freeths. Planning permission was granted for 492 Build to Rent apartments and c2,300 sq m of flexible commercial space, with provision for new shops and restaurants, a healthcare facility, and an incubator workspace for SMEs and start-ups emerging from South Essex College’s neighbouring Digital Campus, which is under construction.
The 492 Build to Rent homes include a mix of one- and two-bedroom apartments – which will be professionally managed and have access to internal and external amenity spaces for co-working, socialising, exercise and relaxation.
The proposed development – designed by SWAP Architects – will form a key part of the wider regeneration of the town centre – which has been set out in Basildon Council’s ambitious Draft Town Centre Masterplan.
The Market Square Build to Rent scheme will make a major contribution towards the council’s ambition to deliver around 4,000 homes within Basildon town centre, as it bids to meet local demand. It will also contribute to the regeneration of the town centre retail and leisure offer and the ‘evening economy’.
The group says Basildon’s demographic has particularly strong demand for Build to Rent, given its strong local workforce, affordable rents and its proximity to Central London. The town is Essex’s largest economy – with a local workforce close to 90,000 and with over 7,300 businesses.
“Following a successful period of public consultation, we are delighted to have planning permission granted for the redevelopment of Market Square in Basildon Town Centre.
“The proposals for this key ‘gateway’ site offer an invaluable opportunity to transform this part of the town centre into a more welcoming and vibrant area, creating a community which people will be eager to visit, live and work in.
“The scheme will represent the first large scale, purpose-built Build to Rent scheme in the town and we are looking forward to continuing to work closely with the Council and the local community as the development progresses”.Spokesperson for Orwell Real Estate