Date: Tuesday 05 August 2014
Our East Midlands regional business has again invested in the local economy by investing more than £900,000 in improvements to Northamptonshire schools as part of our new homes development in Burton Latimer.
We have made a payment of £903,377 to Northamptonshire County Council towards primary and secondary education provision in association with The Wheatfields, which is currently under construction off Cranford Road.
The contribution forms part of the planning agreement for the development which will ultimately see us provide a total of £2.7m towards improving services, facilities and infrastructure in the local area as the new homes take shape.
It follows a payment of £311,000 for leisure facilities and public open spaces which we made earlier in the year.
Dominic Harman, Managing Director of Taylor Wimpey East Midlands, says: “Our new homes at The Wheatfields are proving hugely popular with buyers, which have meant that we have had to build more homes than anticipated to keep up with the growing demand. We are more than happy to share our success with the local community by providing significant investment, earlier than we expected for improvements to public services and infrastructure in Burton Latimer and the wider area.
“As a considerate and responsible home builder, we are committed to ensuring our new homes developments make a positive contribution towards the sustainability and future prosperity of the communities where we build – and our latest contribution will offer benefits not only for our customers, but for existing local residents as well.”
The financial payments we have made are just one of the ways in which The Wheatfields is contributing to the health of the local economy.
According to a report from the Confederation of British Industry (CBI)*, every £1 which is spent by developers on building new homes sees 90p retained within the local community and generates a further £2.84 towards the local economy.
Additionally, the construction of every new home is estimated to generate 1.5 full-time ‘direct’ jobs** as well as a further three ‘indirect’ jobs within the supply chain***, with the vast majority of labour usually sourced from the local area.
* Source: Locally Grown: Unlocking business potential through regeneration (http://www.cbi.org.uk/media-centre/press-releases/2013/06/regeneration-must-unlock-untapped-potential-of-cities-across-the-uk-cbi-director-general/).
** According to research by Michael Ball, Professor of Urban and Property Economics, University of Reading.