Story Homes submitted the plans to Westmorland & Furness Council.
The scheme will form a second phase of Story Homes' development 'The Fairways' which was completed in 2020.
Of the 194 properties, 20% will be classed as affordable homes for suitable applicants with a connection to the local area, and the scheme also includes a £30,000 contribution towards off-site improvements at Fairhill playing fields.
Adam McNally, Senior Land & Planning Manager for Story Homes Cumbria & Scotland, said: "Our team has worked closely with Westmorland & Furness Council, taking into consideration their feedback on our plans to deliver much-needed new homes in Cumbria. We are therefore absolutely delighted to have received planning consent from the Council to deliver this new residential development of 194 new homes in Penrith."
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Story Homes' proposals for this new development offer a variety of two to five-bedroom homes from the Story Collection; a range of homes with flexible, open plan living spaces. The scheme has been carefully designed to provide for an appropriate extension to the urban environment with attractive new street scenes, new walking routes and connected open spaces.
Adam continued: "This exciting new scheme follows on from our successful first development phase of The Fairways, as well as our popular Brougham Fields development in Carleton, Penrith which quickly sold out.
"Phase two of The Fairways will enable us to continue to bring more of our high-quality homes to the local area to help meet local demand for housing and economic growth ambitions, and will deliver a number of benefits to the local community, including affordable homes, improvements to the local playing fields and new open space."
This new residential development will also create benefits for the local economy during the construction phase as a result of direct and indirect employment opportunities through the sub-contractor and supply chains, as well as an increased demand for local services when the new homes are occupied.
