Owners confirm luxury river flats project hit delays

Aerial view of the Park Yacht Club site fronting the River Trent. Photo: Savills.

The owners of land by the River Trent which has planning permission for a luxury flats development have confirmed delays in the project led them to put it up for sale.

Milton Keynes firm McCann Homes got the go-ahead from Nottingham City Council to build 81 flats at the Park Yacht Club site, Trent Lane, – and work was expected to start in Spring 2016 and finish in 2018.

But Notts TV reported on Monday that the site is now up for sale and a deadline had passed last week for prospective buyers to register their interest.

Andrew Inchbald, director of McCann Homes, said on Tuesday (June 6) the company bought the land to develop it – but it had “experienced delays” with tenants, forcing the firm to push forward with more advanced projects and put the Park Yacht Club site on the market.

He said: “We experienced delays in particular with one of our tenants. And, in that time, other things have happened within the business.

“We’ve got other planning permissions we’ve started for 58 units in one place and a number of other sites we’ve got planning permission for.

The Park Yacht Club on the banks of the River Trent, near Colwick.

“Whereas this would’ve been on our radar to build and, because time has elapsed, other projects have come forward faster and now our intention is to sell it with the planning consent.”

An informal tender deadline has been set on Friday, June 3, for any buyers to formerly bid for the site, which is being managed by Nottingham estate agents Savills and FHP.

The site lies at the southern end of Trent Lane, near Colwick, fronting the River Trent and is bordered by the River Crescent flats development to the east, and the Trent Basin development site to the west.

River Crescent was built in 2008-09 and includes 146 two and five bedroom executive apartments. Trent Basin comprises of apartments as well residential housing.

The Park Yacht site was previously home to the Park Yacht Inn pub which has now closed and, once complete, the three developments combined will have transformed a once-industrial area into a residential community on the banks of the river.