The deal, brokered by Blackstar Advisory, will unlock a 43-acre housing site — subject to reserved matters planning consent — that sits in close proximity to Boots’ UK headquarters.

This is the first time Boots UK has released any part of its Nottingham site holdings for housing.

Acting as a full turnkey developer, Ilke Homes will manage the entire development process — from securing the land deal and obtaining gaining planning permission through to developing the site and delivering the homes.

The proposed scheme, which will be the largest to be delivered by Ilke Homes since the company’s launch three years ago, aims to deliver 505 houses and 117 apartments, manufactured along production lines at Ilke Homes’ factory in Knaresborough, North Yorkshire.

The developer will work with architect, HTA Design, to curate a model village development that focuses on creating a connection between people and place.

By using precision-engineering techniques and digital design, all 505 homes will have an EPC rating of at least a ‘B’, making them more energy efficient, with the homes expected to run on as little as £1 a day.

A reserved matters planning application will be submitted imminently.

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Tom Heathcote, executive director of development at Ilke Homes, said: “This site represents a truly special opportunity to create a unique and sustainable housing development within the established Nottingham conurbations. 

“The site is steeped in rich heritage and has been a central part of Boots’ success story over the last few decades, so we are incredibly excited for the opportunity to work alongside Boots, HTA Design, and the local stakeholders at both Broxtowe Borough and Nottingham City Councils to truly transform this redundant industrial space into a well-designed new community and provide better homes in a better way."

Mark Chivers, director of estates at Boots UK, commented: “We are delighted to partner with Ilke Homes to develop this site to provide high quality, affordable and energy-efficient housing for people in the local area. 

“Because of the historical significance of this site and everything it represents in terms of our company heritage, it was vital that we found the right partner. 

“I am pleased that the site will be put to good use and look forward to seeing a thriving community emerge there in the coming years.”

Tim Garratt, CEO at Blackstar Advisory, added: “This is probably one of the most important and strategically significant residential land deals in a generation for Nottingham. 

“It was clear from the outset of the project that the client wanted something away from the ordinary — not an estate of little boxes. 

“We worked very hard with Ilke Homes and its architects to get a solution which satisfies the positive legacy we wanted.”