Chase exchange contracts on Canada Life Site, Potters Bar

Chase New Homes are excited to share that we have exchanged contracts on the unconditional purchase of the 4.5-acre Canada Life Site, on High Street Potters Bar.

The site benefits from a draft allocation for 265 dwellings, although further to recent changes in legislation and local Hertsmere Policy, there is the opportunity to work collaboratively with the Planning Authority to deliver an exceptional design-led scheme, potentially with an enhanced density. Chase New Homes have carefully selected and already appointed their design team to help create a vision that will enhance this important part of the town.

Based on initial concept designs, the site should comfortably deliver a minimum of around 90 affordable homes and 170 market sale homes; with an element of new commercial space to redefine and elevate the High Street frontage at ground floor level.

The site has been successfully marketed by Savills and was originally offered to the market based on an unconditional, or an alternative, subject to planning permission arrangement. Due to the flexibility that is inherent within our approach at Chase New Homes, we have collectively agreed to a hybrid structure, of an unconditional purchase, with a deferred completion date in 2026. This is to enable a smooth transition for Canada Life in terms of the relocation to their new offices.

The planning and design team at Chase are looking forward to commencing dialogue with Hertsmere Planning Authority, with a view to being at an advanced stage by the time the purchase is completed.

Fundamental to this transaction has been Canada Life’s requirements for the timing of unconditional Exchange of Contracts and the extended long-stop date for vacant possession and Purchase Completion. This is where Chase New Homes can and has offered a unique, flexible and dynamic proposal.

As a business, we pride ourselves in negotiating transactions that are mutually advantageous, and above all, in delivering our promises. This purchase and the journey toward it have exemplified that ethos from the outset, and we are delighted to have concluded the deal to both parties’ satisfaction.

Gary Barton, Managing Director of Chase New Homes, said “We are all extremely excited to be working on such an iconic site in Potters Bar and to add to our growing list of successful developments that we at Chase are very proud of delivering. We pride ourselves in creating schemes that not only enhances the area but also deliver an exceptional lifestyle living experience’’

Nick Harding, Chief People Officer at Canada Life UK, said: “Canada Life has a long history in Potters Bar, and we were committed to finding a partner that shared our ambition to transform the site into a sustainable and attractive development that brings long-term benefits to the area.

Chase New Homes has a strong track record for delivering exceptional developments in and around Hertfordshire, and a plan that will meet the housing and commercial needs of the local community. We would like to thank both Chase New Homes for partnering with us on this exciting opportunity, and the Savills team for their support with the sale.”

Joe Last, Associate Director in the development team at Savills, said “We are delighted to have exchanged contracts on this landmark site. Its redevelopment represents an exciting opportunity to deliver sustainable growth in the shape of high quality residential, retail and commercial uses in a prime location, and will significantly contribute to the supply of much-needed new homes in the local area.

Chase New Homes are a leading regional developer with a reputation for delivering high quality homes across the Home Counties and London. From the outset they demonstrated a willingness to meet the requirements of the site owner – offering a flexible solution that was to the benefit of all parties. We look forward to seeing how the new scheme comes to fruition.”

We would like to thank our team at Collyer Bristow for another outstanding and swift delivery of legal due diligence; Joe Last and the team at Savills for their ongoing support; and of course, the team at Canada Life UK for selecting Chase New Homes to bring this incredible and historic site forward, for what we expect will be a truly remarkable mixed-use development for Potters Bar.