NEW images and details have been revealed ahead of a "landmark" £113million 492 rental home development in Basildon Town Centre.  Hoardings are up and demolition is well underway for the new homes at Market Square, replacing the former Moon on Square Wetherspoons pub. The development is set to include one and two bedroom flats for rent, five outdoor terraces, a gym, and co-working areas.  

The regeneration of the area will see three interconnected blocks of flats, ranging from 12 to 17 storeys in a "bold vision for Basildon's regeneration." A council meeting in October was told building work is due to start this spring. Completion of the major development is expected to be in summer 2027, with the first residents moving in around the same time.

Developer Orwell Estates Limited first submitted its proposals for the site in 2020. In August 2021, the council, which was under the Conservative administration, threw out the plans, even though it had previously been agreed by the previous Labour administration. The developer launched an appeal and won planning permission in December 2021 – costing the tax payer millions of pounds. 

Property finance firm, Maslow Capital, has provided a £74 million development loan to help fund the major proposals by Orwell Real Estate and Housing Growth Partnership. The firm says the developer is set to make £113 million and is "significantly contributing to Basildon's £600million regeneration masterplan."

The town is seeing huge change with various developments and major plans. 245 flats are being developed at the site of the former Staples and Carphone Warehouse, off Great Oaks, Basildon. Plans are also agreed for 495 homes in Town Square, Basildon, on the site of the former Marks and Spencer store. Plans were agreed at appeal in spring 2022 for a block up to 23 storeys with 265 flats and up to 230 homes, along with associated works.

Emma Burke, head of origination at Maslow Capital, said: "We are delighted to support this bold vision for Basildon's regeneration, marking another milestone in Maslow Capital's dedication to forward-thinking, sustainable developments. This is an exciting opportunity in a thriving build-to-rent market, and we are proud to collaborate with like-minded partners who share our vision for the UK and Europe's housing supply."

Neil Strelitz, co-founder of Orwell Real Estate, said: "We look forward to delivering this landmark scheme, which sits at the heart of Basildon's £600m regeneration. By partnering closely with Maslow Capital and other key stakeholders, we have combined our extensive market knowledge and commitment to quality to bring this complex, multi-phase project to life—ultimately providing much-needed homes and lasting benefits for the local community."