The development has a site value of £140m and is located to the north of the toke, to the east of Stoke Road and north of Normandy Way.

Of these 475 homes, 30% will be affordable with 25% developed for the private rented sector.

The remaining homes will be for sale on the open market through Vistry’s retail brands Bovis Homes, Linden Homes and Countryside Homes.

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Richborough was granted planning permission for the site in January 2024 and brokered the deal with Vistry.

“This latest deal adds another high-quality site to our pipeline of projects in Leicestershire,” said Andy Reynolds, managing director of Vistry South East Midlands.

“With a significant shortage of supply in the area, the acquisition of this site is a major milestone in bringing forward a new mixed tenure development that will provide modern, well-connected homes catering to people with a wide range of requirements and at various stages of life.”