Hargreaves Land has concluded contract terms with the housebuilder for the conditional sale of plot 6 at Blindwells. The plot, which extends to 16.7 acres, is positioned close to the proposed new town centre.

Bellway is now seeking planning approval to develop the site to deliver 152 private homes as well as 65 affordable homes. The scheme comprises a mix of terraced, semi-detached and detached 2, 3, 4 and 5-bed houses together with 2, 3 and 4-bed affordable homes.

The proposals follow on from Bellway’s ongoing Princes Gate development at Blindwells which commenced in 2021.

Twelve months ago Hargreaves Land submitted a planning application to East Lothian Council for the Blindwells town centre and is hoping for a decision before the end of 2024. The proposals look to deliver a pedestrian and eco-friendly area comprising of shops, offices, restaurants and a supermarket, with business, wellbeing and community spaces overlooking a newly created loch.

Gabriel Fella, development surveyor at Hargreaves Land, said: “Blindwells is evolving quickly, and we are delighted to extend our successful working relationship with Bellway.

“Blindwells is already home to hundreds of people keen to enjoy an enviable lifestyle surrounded by greenery and natural habitats that can thrive amid amenities for work, rest and play. We hope to have a decision on our proposals for new retail, leisure and commercial spaces in the coming months which would round off another very productive year for us.”

Mark Sinclair, land director, Bellway Homes Ltd (Scotland East) said: “We believe the purchase of this plot offers an excellent opportunity to expand on our success in East Lothian, with a range of family houses being offered.

“The site is well located for easy access from main roads and public transport to both Edinburgh City and a short distance to access world class golf course and award-winning beaches. One of the alluring qualities of East Lothian is the range of lifestyle options within the region that have been key to the continuing demand in the local market.”

But the FTSE250 firm sought to paint a more hopeful picture for the year ahead, pointing to an easing of some of those pressures and evidence that consumer confidence was building as interest rates fell and wages increased.

Bellway’s forward order book grew in 2024 to 5,144 homes, up from 4,411 homes in 2023, and increased in value by 18.4% to £1.4bn.

The deal comes as Bellway reported a 57% fall in profits in the year to July 31 amid challenging trading conditions.

Annual trading figures include a 30.1% fall in completions to 7,654 as revenue also tumbled by 30.1% to £2.38bn. Operating profits were slashed by more than 57% to £212.8m and pre-tax profits fell 62% to £183.7m. Bellway said a fall in site profitability had been driven by cost inflation, use of promotional incentives to entice buyers and a generally slower market since 2022.

Bellway said: “Customer demand through the second half benefited from a moderation in mortgage interest rates which has eased affordability pressures and supported an increase in reservations.”