Peel L&P has exchanged contracts with Legal & General Affordable Homes to fund a £40m housing scheme at Chatham Waters in Kent.
The developer will build 237 homes for LGAH, as shared ownership and affordable rents. The deal brings LGAH’s affordable pipeline to more than 6,500 homes.
Peel L&P has also agreed a £12.5m deal with Montpelier Estates to provide 72 care homes and five assisted living homes.
The two schemes will form the next stage of development in the 950-home Chatham Waters masterplan. The planning applications will be lodged this summer with Medway Council, alongside a separate application for green public space.
Chatham Waters spans 26 acres in Kent, just over a 30-minute commute from London St Pancras.
More than £100m has already been invested in the scheme, providing residential, commercial, retail, leisure and education space. It is home to a university technical college, an Asda superstore and 400 completed homes.
Subject to planning approval, work is expected to start on the residential and public realm projects around spring 2022, with an estimated two-year construction period.
James Whittaker, Peel L&P’s executive director of development, said: “This is another major step in the delivery of our approved mixed-use vision for Chatham Waters, which will provide much-needed affordable homes and multi-generational living, and we have almost completed around half of the homes in the masterplan.
“These new partnerships with LGAH and Montpelier will take us to around 75%, which is excellent news to help address local housing shortages and attract further investment and new jobs to the area.”
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