You are viewing 1 of your 1 free articles
The UK’s largest house builder has signed a joint venture with Swindon Borough Council to build 2,670 homes.
Barratt Developments’ scheme with the council is intended to deliver two primary schools and a secondary school as well as the homes.
Swindon plans to contribute the land in Wichelstowe, south of Swindon, and what necessary infrastructure is already in place, while Barratt will fund all of the remaining infrastructure and cover half of the building costs, “including a portion of affordable housing”.
Barratt could contribute up to £183m as part of the scheme, with the land being drawn down over a period of 20 years in five phases.
Gross assets of the joint venture are £70.3m, which is shared 50/50 between the developer and the council.
David Thomas, chief executive of Barratt, said: “We are delighted to be selected by Swindon Borough Council as the preferred partner to deliver much-needed high-quality new family housing for Swindon.
“Our shared vision for Wichelstowe is to design and create neighbourhoods which will be a pleasure to live in and will enhance the local communities for years to come.”
Toby Elliott, cabinet member for strategic planning and sustainability at the council, said: “I am very pleased that the council is entering into a joint venture with Barratt to deliver the Wichelstowe development.
“This will move us a step closer to realising what is one of the council’s key strategic programmes.”