House builder Countryside has signed a new joint venture deal with Midland Heart to build 1,000 new homes in the Midlands over the next three years.
The partnership extends an existing strategic relationship between the two companies, and a third of the homes are already at an advanced stage, the two businesses said. The homes will be built across the West Midlands, East Midlands and South Midlands.
Ian Kelley, chief executive of the Partnerships North division at Countryside, said the agreement “further supports both our and Midland Heart’s growth plans in the region”.
Countryside said its ambition is to deliver a mix of affordable private for-sale and market rent homes in mixed-tenure communities.
The agreement boosts Midland Heart’s target of building 3,000 new homes by 2024.
Glenn Harris, chief executive of Midland Heart, said: “This major new agreement targets the delivery of 1,000 high-quality family homes across a number of areas over the next three years. This will put us in a strong position to deliver on our ambition.”
The two companies’ previous partnerships have included regenerating an industrial site in Leicester, which was overhauled to provide 80 homes, along with two other sites near the city centre, in 2018.
Midland Heart reported a record surplus of £47.8m last year, as a result of falling operating costs as part of a money-saving programme.
Midland Heart currently owns and manages around 33,000 homes in the area.