L&Q and Trafford Housing Trust have announced a North West-focused joint venture that will deliver 2,000 homes over the next four years.
The partnership will create a 50/50 joint venture, with each investing around £80m over the next four years. Around a quarter of the homes will be for affordable sale, a quarter affordable rent, and the remainder for market rent and sale.
The agreement is the first for L&Q outside of the South East.
The housing association is one of the most active in the UK, and recently announced plans to merge with East Thames and Hyde Group to build 100,000 homes over the next 10 years.
L&Q chief executive David Montague said: “While L&Q’s commitment to London and the South East remains unchanged, we continue to look for innovative opportunities that enable us to do more to tackle the growing housing crisis throughout the country.”
https://twitter.com/creatingplaces/status/762933846807416832?ref_src=twsrc%5Etfw
In 2015, the Trafford Housing Trust launched a dedicated property arm, Laurus Homes, which has delivered affordable and private sale units in a mix of tenures across the area.
The pair said the jv agreement will enable a faster pace of housebuilding in the region and enable larger, more complex projects to be delivered, expanding the trust’s footprint beyond Trafford to projects in other Greater Manchester boroughs and across the North West.
Legal arrangements for the jv are expected to be completed this autumn, with the first housing schemes due to commence in early 2017.
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