26th Mar 2024 09:31
(Alliance News) - Vistry Group PLC on Tuesday said it has signed two new partnerships, through which it will build 1,900 new homes.
The Kent-based housebuilder said the first deal is with housing provider Abri Group Ltd, through which it will deliver 1,500 "quality new homes" in Arundel at the Ford Airfield site.
The mixed tenure development will be delivered in a 50:50 joint venture of which 50% of the homes will be presold for affordable housing, Vistry explained.
The property firm also said that the development will also provide "significant community infrastructure", which includes a local centre, commercial and retail space, a primary school and a 60-bed care home.
Vistry Group will also be delivering 400 homes at a new site at Hatchfield Farm, Newmarket.
200 of the homes have already been pre-sold to Clarion Housing Association for affordable housing, while the remainder will be sold on the open market.
"Both deals, totalling 1,900 homes, significantly contribute to the group's strategy of focusing on its high-growth, capital light partnerships model," Vistry said.
Chief Executive Officer Greg Fitzgerald said: "These two sites support our strategy of delivering a significant number of mixed-tenure homes with our affordable housing partners. We have well-established, long-term relationships with Abri and Clarion and are pleased that at both sites we are providing additional affordable housing in excess of our Section106 obligations. The sites will also provide long-term visibility to our supply chain partners and certainty of work."
Shares in Vistry fell 0.4% to 1,209.78 pence each in London on Tuesday morning.
By Sabrina Penty, Alliance News reporter
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