(Corrects reference to the appeal being denied in headline and first paragraph of story that ran July 31.)
July 31 (Bloomberg) -- Land Securities Group Plc, the U.K.’s largest real estate investment trust, will have its appeal heard next month against a local government’s decision not to allow it to develop as many as 700 homes near London Stansted Airport about 30 miles north of the city center.
Land Securities also planned to build commercial properties, a school and recreational space on part of its Easton Park site, some of which was used as an airfield during World War II. The project was first refused approval by Uttlesford District Council almost a year ago, according to the council’s website.
London needs 50,000 new homes annually and only 35,000 residential properties a year will be built for the next five years, broker Savills Plc said July 3. Land Securities controls four “strategic land plots” within commuting distance of London with a combined size of more than 3,600 acres (1,460 hectares), almost half of which is at Easton Park, according to its website.
The application was initially refused because it would result in a loss of agricultural land, was too “isolated” from the town of Great Dunmow and would have “a harmful effect upon the character and appearance of this area of the countryside,” according to a filing by the council.
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