We’re pleased to share that the sale of the Castlefield site in High Wycombe to a private developer went ahead on 20th March.
The decision to sell the site came after our Board determined that the redevelopment of the site was no longer financially viable due to the economic downturn and significant increase in construction costs.
To the best of our knowledge the new owners are proposing to refurbish the current homes on the site. We did look at refurbishment, but this was not considered suitable by the Board.
The proposed build, which included social housing, would have cost over £60m and required significant subsidy from us. The construction costs rendered the scheme too expensive and risky for us and our tenants.
We expect that hoarding will be placed around the site in the near future and there will be increased activity as work gets underway.
The money received from the sale will allow us to invest in further homes in the Wycombe area.
Red Kite no longer has any responsibility for the site, including issues such as fly-tipping or general maintenance, these should now be directed to Castlefield No.1 Ltd via castlefieldhw@gmail.com or by calling 01753 303 975.