Building work has started on the next phase of homes at a housing development on the former site of a HSBC management training college.

The latest stage of construction will see 74 homes delivered on a 40 acre site in Bricket Wood.

The homes are being built at Hanstead Park off Smug Oak Lane - a country house estate which has since been purchased by a property firm.

Developer Linden Homes has completed 33 properties so far after St Albans District Council granted permission for a total of 129 homes.

Jason Colmer, sales and marketing director at Linden Homes Eastern, said: "The first phase of homes at Hanstead Park has proved very popular among local buyers and people moving into the area, so we are pleased to be able to continue our work on the site.

"A wide range of homebuyers have moved onto this high-quality development and are already helping to create a thriving new community with a friendly atmosphere in this extremely desirable location."

Watford Observer: Hanstead Park, Bricket WoodHanstead Park, Bricket Wood

The development - a joint venture with Wates Developments - will include 22 affordable homes for rent or shared ownership. Private homes are starting at £407,400.

As part of a planning agreement, the developers will pay £1.68 million to support local infrastructure.

Contributions will include £446,880 to fund a six-day-a-week bus service on the site for five years, £175,000 for highway works and almost £200,000 for landscaping, restoring a running track and updating equipment in a children’s play area.

The developer is also providing £136,416 for local education, £8,008 for youth facilities and £27,465 for a library service.

Mr Colmer added: "What makes Hanstead Park so special is the idyllic rural setting. The development is at the centre of a beautiful open green space with three man-made lakes on the site. It gives people the chance to escape the hustle and bustle and noise of modern life and come home to the peace and quiet of the countryside.

"There is an awful lot of interest in this development and we expect that demand to increase as a further selection of properties are released onto the market in the coming months."

Hanstead Park was formerly a country estate built by Sir David Yule, a jute and cotton mill owner who made his fortune in India and was, at the time of his death in 1928, reputed to be the richest man in Britain.

Banking giants HSBC used the estate as its principal training centre after taking over the site in 1993 but moved out in 2011.