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Housing association launches £229m joint venture with house builder
Sovereign has launched a £229m joint venture with major house builder Crest Nicholson.
The two organisations have agreed the partnership to deliver the next phase of the 2,700-home Harry Stoke development near Bristol.
The joint venture should deliver 920 homes, 42% of which will be affordable or intermediate tenures. The agreement also includes infrastructure work for the site.
Sovereign, which manages nearly 59,000 homes, will take on 376 of the affordable and intermediate units.
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The project is expected to take seven years, with infrastructure work starting this month and the first residents moving in in the autumn.
Tom Titherington, executive director for development and commercial at Sovereign, said: “As a major affordable housing provider, we are looking for partners who can help us provide the foundations for a new community – quality affordable homes, jobs and infrastructure that supports our placemaking agenda.
“Having worked with Crest Nicholson for a number of years, we are confident they are the right partners to build these foundations with us at Harry Stoke.
“This is also quite a milestone for us, as this well-designed, quality development will bring the number of much-needed affordable houses that we’re delivering in the Bristol region over the next few years to more than 1,000.”
Chris Tinker, interim chief executive of Crest Nicholson, said: “We are delighted to be extending our long-standing partnership with Sovereign and to be teaming up together to deliver this new residential community on the northern fringe of Bristol.
“The combination of Crest’s major project and housing delivery skills and Sovereign’s commitment to acquiring and managing the new affordable and intermediate homes will enable us to accelerate the delivery of quality new homes at Harry Stoke and to meet the housing need in this fast-growing part of Bristol.”
