This location is clearly the best place to develop. As commented the land further down Red Lane towards Kenilworth is very scenic and a great habitat for wildlife. It would be a drastic change for the worse to the area if the fields at New Farm were to be urbanised.

However if a housing estate is going to be built here I would like it to have the following characteristics -
1 - The houses should be astheically pleasing and have varied character.
2 - Sensible plot sizes are a must, some new housing estates are far to claustrophic.
3 - There should be aduaquate vegetation, (including hedges and hardwood trees), retained/planted to keep the countryside feel.
4 - Lastly my most important point is that if the area is to have a higher population density there should be buildings for public use. This should include a new village hall and a church as there is not one currently in this area.