Thames Valley Housing has invested £25m for a 50% stake in a new build-for-sale venture with Galliford Try’s residential arm, Linden Homes.
The joint venture, Opal Land, has bought land at the St Bernard’s School site in Langley, Slough. It has planning consent for 117 new homes, 40 affordable, alongside new and upgraded sports facilities for the school. The development, which has a £30m gross development value, is expected to be ready in September.
Opal has also acquired land along the Blackfriars Road in Southwark, SE1. Linden Homes is currently seeking planning approval for a mixed-use development.
Further sites will be acquired in due course.
Mark Allnutt, group development director at TVH, said: “By forming a joint venture with Galliford Try, TVH is able to enjoy the financial benefits of outright sales in developments, while collaborating with a well-established company which is proficient as both a housebuilder and contractor. The Linden Homes brand is so well known that TVH can benefit from its marketing expertise, and the partnership allows us to have access to some of the best development schemes in the South East, enabling us to make maximum returns.”
Stephen Teagle, managing director affordable housing and regeneration at Galliford Try, added “TVH has a well-established presence in the South East, and Opal Land will allow Galliford Try to work with a wider range of local authorities, and also to work more closely with them, as well as increasing the number of sales outlets. This arrangement is unique in that we are not collaborating on just one site.”
annabel.dixon@estatesgazette.com
