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Nationwide partners with housing association on not-for-profit development
Nationwide Building Society has selected a housing association to partner with on its new not-for-profit development in South West England.
GreenSquare Group, which owns around 8,000 homes in Wiltshire, Oxfordshire and Gloucestershire, has signed a contract to purchase the affordable element of Nationwide’s 239-home scheme in Oakfield, Swindon.
A total of 71 properties (30%) will be affordable housing, comprising a mixture of rent and shared ownership.
Nationwide plans to invest £50m to cover the build costs of the regeneration project, which gained planning permission in July last year.
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All profits made through sale and rent of the properties will be reinvested in other Nationwide community projects.
Igloo Regeneration is acting as the development manager on the project, while Mi-space has been appointed as the main contractor.
Work on site is already under way and homes in the first phase are expected to be made available from autumn next year.
Jo Curson, assistant director of development at GreenSquare, said: “We’re thrilled to have been selected by Nationwide to be part of this exciting new development in Swindon. It represents a real investment in the area and in delivering much-needed housing.
“We are passionate about providing great, affordable homes for a range of customers with a range of needs, and also building vibrant communities.
“Nationwide has a renowned reputation for its social purpose, and we are proud to be working with them on this project that is going to make a lasting difference.”
Tony Alexander, director of commercial at Nationwide, said: “It has perhaps never been as important as it is today to invest in society and our communities, so we’re really pleased to be working with GreenSquare on the provision of affordable homes at Oakfield.
“We look forward to progressing on the project, readying the homes for autumn 2021.”
