Social landlord Places for People has acquired the private development company behind the Prince of Wales’s ground-breaking Dorset new town, Poundbury.
The UK’s largest housing association has bought the entire issued share capital of Zero C Group, a Dorset-based developer that turned over £30.3m in 2013-14.
Zero C specialises in sustainable residential and commercial development and has a development pipeline of more than 2,000 homes.
The deal marks Places for People’s first foray into the private development market.
It has previously worked in joint venture with developers including Barratt Homes and Urban Splash.
Places for People group chief executive David Cowans said: “Zero C fits our approach to placemaking. We are seeking to capture profit in every part of the development lifecycle in a way that makes the end asset much more financially attractive.”
The group would consider further developer purchases, he added.
Zero C, and its circa 40 staff, will be run as an autonomous brand within the organisation, but the firm’s product range and geographical scope will be expanded to include London development.
As well as working in joint venture with the Duchy of Cornwall at Poundbury, the company has sites at Roussillon Park, Chichester, West Sussex and Aberdeen.
The association wants to develop capabilities throughout the development and housing supply chain, from strategic land acquisition and masterplanning through to development and asset management.
Places for People posted a turnover of £485m in its results for 2013-14. The company manages more than 48,000 homes.
