Posted on: November 23, 2021
The sale of the former power station site in Hastings’ Ore Valley has concluded, moving plans to develop new local homes an important step forward.
Regeneration company Sea Space selected Battle-based developer Gemselect as the preferred buyer for the site in late 2019, following a competitive tender process managed by property agents Savills. Sea Space judged Gemselect amongst seven bidders as representing the best balance of value, commercial strengths and community benefits.
The subsequent site investigations necessary before the sale could be finalised were delayed by COVID-19, but have now been completed.
This marks the end of the regeneration project in which Sea Space assembled fragmented parcels of disused land in Ore Valley for the development of homes.
Gemselect is proposing approximately 75 homes for the site (pictured), with at least 25% of these qualifying as ‘affordable’.
The company is also planning to offer an area on the site with six plots for the Heart of Hastings community group to create its own homes in partnership with Sussex Coast College’s Ore Valley campus. This would help local people gain construction skills.
Gemselect’s next action will be to submit a planning application for the scheme to Hastings Borough Council in early 2022.
A Sea Space spokesperson commented:
“It’s so rewarding to see the sale of the Ore Valley site go through.
“Gemselect stood out as the organisation best able to redevelop this redundant land in terms of their track record and proposed scheme. We’re pleased to have now handed over the site and look forward to seeing the detailed proposals they’ll submit for planning consent.”
Gordon Ritchie, Director of Gemselect, said:
“We’re delighted the purchase has now been finalised after a sales process that was slowed down by the pandemic. We can now get on with completing our development proposals for the site so we can deliver another high-quality housing scheme in the Ore Valley.”
Matthew Rothery, Associate Director at Savills, added:
“We’re pleased to have brought the sale of this site to a successful conclusion. The sale will not only be a welcome boost to housing in Hastings but will provide tangible community benefits, which we’re proud to have played a part in.”
The net sale proceeds will be reinvested into the area’s regeneration programme.