Barratt Developments, Homes England and Lloyds Banking Group have teamed up on a master development joint venture.
The trio’s MADE Partnership will focus on the master development of large-scale, residential-led developments from 1,000 to more than 10,000 homes along with community facilities and employment uses.
Potential opportunities will include brownfield developments as well as new garden village-style communities.
The partnership has combined equity funding of up to £150m provided equally by the three parties.
Housing and planning minister Matthew Pennycook said: “A failure to ensure the development system is working properly has held back the delivery of tens of thousands of new homes over recent years and this government will work in partnership with all those who are focused on turning things around.
“The landmark new partnership announced today will support our commitment to ramp up housing supply and boost economic growth by developing more large-scale, attractive and sustainable places across the country with the homes, jobs and infrastructure that communities need to thrive.”
David Thomas, chief executive at Barratt, added: “We are committed to playing our part in delivering the millions of new homes the country needs over the next 10-20 years. To help us achieve this goal, we need to deliver more large developments. Through the MADE Partnership, we are creating a master developer which can manage the infrastructure and placemaking that is needed to deliver at scale, whilst consistently achieving the high quality and sustainability standards that Barratt is known for.”
Peter Denton, chief executive at Homes England, said: “Whether it’s transforming a brownfield site, extending an existing town, or creating a whole new village, the partnership will have the finance, tools, expertise and partners required to ensure a cohesive approach to delivering a fabulous place that people want to live and work.”
Charlie Nunn, chief executive at Lloyds Banking Group, said: “This is the cross-sector collaboration we need, at significant ambition and scale.”
JLL was lead real estate and financial adviser for the partnership.
Photo © Geoffrey Swaine/Shutterstock
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