Homes England has acquired an £825m development in Rushcliffe in Nottinghamshire.
The scheme will provide 3,000 homes and more than 1m sq ft of employment space.
It purchased 250 acres of the 605-acre Fairham site from a consortium of landowners led by Derbyshire-based CWC Group, using finance from the government’s £1.3bn Land Assembly Fund.
Planning consent for Fairham Pastures was secured from Rushcliffe Borough Council at the start of 2018.
CWC Group has led the vision for the new village, located minutes from Nottingham city centre.
Homes England will now work as joint master developer with CWC and the local authority to deliver the scheme over the next 10 years.
It will kick-start the delivery of the scheme by providing infrastructure loan funding to CWC.
Stephen Kinsella, executive director for land at Homes England, said: “Our acquisition of this land is an example of how Homes England can provide more certainty for the delivery of infrastructure and will accelerate overall development.”
He added that the department has “worked closely with Rushcliffe Borough Council to ensure this site is unlocked to deliver new homes in an area of high affordability”.
Housing minister Kit Malthouse said: “Our £1.3bn Land Assembly Fund is supporting more than 3,000 new homes in Rushcliffe, but it is also about building a community, with new space for culture and commerce, as we create a place the people of Nottinghamshire can be proud of.”
Robert Hepwood, land and planning director at CWC Group, added: “With this new investment from Homes England we can move forward more quickly with infrastructure and preparatory work across the site, readying Fairham for its first homes and commercial buildings in 2020.”
The Rushcliffe local plan has a target to deliver 13,500 new homes by 2028.
Dave Mitchell, executive manager for communities at Rushcliffe Borough Council, said: “Delivery of the Fairham site is essential to our ability to maintain the momentum required, whilst is it is also a strategically important site locally, regionally and nationally for Nottinghamshire County Council, Nottingham City Council and ourselves.”
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