Weston Group has formed a new division as part of the group’s expansion strategy to foster development partnerships and joint ventures.
Weston Partnerships will target funds managing build-to-rent portfolios, local authorities, Ministry of Defence site disposals and businesses that need MMC building components for housing delivery. These businesses include later-living housebuilders, student accommodation providers, local builders and contractors.
In addition to its existing affordable housing programme and market sale activities via Weston Homes, the expansion will leverage Weston Group’s new-build, conversion and build-off-site expertise including subsidiary British Offsite’s MMC construction factory facilities and products.
As part of its initial pipeline, Weston Partnerships has established key partnerships in the various sectors being focused on for business expansion.
In BTR, it recently entered into an agreement with Royal London Asset Management to provide 414 homes across two developments, Bracknell Beeches and Town Quay, Barking.
In the local authority housing sector, it has entered into an agreement with Barking and Dagenham Council, enabling the delivery of affordable housing at Town Quay in Barking.
It is also working with retirement housebuilders, local developers and contractors that require MMC building components, provided by the group’s British Offsite subsidiary. The deals include a collaboration with Elkins Construction across three developments using its UniSystemLB product.
British Offsite will also play a key role in Weston Partnership’s delivery of a student accommodation project in Orchard Park, Cambridge, in partnership with Vertex Living.
Steve Hatton, development director of Weston Partnerships, said: “Our priority is to work closely with our partners to help accelerate housing delivery, improve affordability, drive MMC innovation and uphold the highest construction standards. Through this expansion we are well positioned to make a meaningful impact on the future delivery of housing.”
Peter Gore, chief executive of Weston Group, added: “While the group will continue to operate within the build-to-sell sector via our core Weston Homes division, the housebuilding industry has changed dramatically over the past few years and it is important for us to expand and create new income streams for the business. The BTR, local authority and some of the other deals we have already secured have the advantage of being forward-funded, providing an upfront income stream which is highly advantageous for our cash flow and financial strength.”
Orchard Park image from Weston Partnerships
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