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A private investment company based in the Isle of Man is backing a plan to build thousands of homes and commercial units on a 5,000 acre site just outside Scunthorpe.
The Lucent Group hopes to develop the site, known as Lincolnshire Lakes, after signing an agreement with North Lincolnshire Council.
The project will create more than 10,000 new homes and 100,000 square feet of commercial development, as well as parks, playing fields and community and health facilities.
The United Kingdom Government is expected to approve the core strategy for Lincolnshire Lakes next April.
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