How we did it ... Lakeside housing keeps afloat in troubled times

David Callaghan, Planning, 4 July 2008

Background: The developers believe that there is still a market for second homes at up to £2.2 million despite the economic downturn. Many have already been sold.

Who is behind it? A joint venture by design and investment property company yoo and property firm Raven Group, with designs by Jade Jagger and Philippe Starck. The main contractor is Wrekin.

Project aims: To provide a weekend retreat for families who can afford a luxury second home and enjoy outdoor pursuits such as sailing, canoeing and fishing.

Skills involved: Sound market knowledge, project and flood management, design.

If ever selling a dream was appropriate for a property development, it has to be for the "Lakes by yoo" project in the Cotswolds. Set around six lakes in 260ha of stunning scenery, the development comprises luxury homes perched on the banks of former gravel pits and supported by concierge housekeeping.

Advertised as being only 90 minutes from London by car, it is clear that the dream is being sold to wealthy people who lead busy lives and need somewhere not too far away where they can escape from it all.

The development's website describes it as a "big playground". Last month's press release announcing planning approval for the third phase said it hopes that parents will "encourage children to engage in pursuits such as building tree-houses and camping under the stars".

Features include split-level decking with water access, roof terraces and solaria. Purchasers also have the option to work with designers to develop an interior look that meets their own tastes. Sustainable aspects of the project include a dedicated on-site ecology manager responsible for creating and maintaining wildlife and flora habitats and an on-site organic farmers' market.

The glamour comes courtesy of Jade Jagger and Philippe Starck, who designed the interior look of many of the properties. An unnamed Premiership footballer has already purchased one of the homes.

This luxury comes at a price, however. The homes start at £775,000 and rise to £2.2 million for the top of the range. Raven Group's Simon Evans, who is the project's commercial director, tells Planning that it has taken ten years to reach this point. One of the biggest hurdles has been meeting the standards set by the Environment Agency and adhering to PPS25. It took a year for the project to show it could be flood-proof.

The concept of houses around the water was first conceived when a picture of a fishing hut next to one of the lakes appeared in the local newspaper and people started asking how they could buy it. "There was a lot of opposition from our immediate neighbours - people who lived on farms on three boundaries of the site," Evans comments. "They used the lakes as a playground for their own purposes."

But outline approval for residential development was granted two years ago by Cotswold District Council. Although none of the houses have been completed, 20 are under construction and 15 more are due to start soon. The first residents are expected to move in later this summer.

Further phases of the project still require detailed planning permission but should be finished within four years, as will a 100-bedroom hotel. Under a section 106 deal, the developers must also provide a public country park around one of the lakes.

Prices have not yet been affected by the credit crunch. Evans is not concerned, accepting that building work would slow down if demand drops. After all, when you're selling a dream you don't want to let hard times get in your way.