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Ikea-owned modular builder agrees 1,000-home joint venture with large association
A modular housing manufacturer partly owned by global furniture giant Ikea has signed a joint venture deal with 31,000-home landlord Vivid to deliver more than 1,000 homes.
Vivid confirmed today that it had agreed a deal with BoKlok, the firm jointly owned by Ikea and Swedish construction giant Skanska, to deliver around 300 modular homes every year for the next five years.
The two organisations will deliver the homes on sites throughout Hampshire, Surrey, Berkshire and West Sussex. They will work together on land acquisition, planning and delivery of homes.
The homes will be a mix of tenures and are designed to be accessible for all. The development is said to be constructed sustainably and the homes are intended to reduce residents’ energy bills.
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This is the latest agreement signed between a major offsite builder and a social landlord. In May 2019, Places for People, the country’s largest housing association, signed a £100m deal with offsite manufacturer Ilke Homes to build 750 homes through Ilke’s North Yorkshire factory.
In August this year, the London Borough of Greenwich signed a £300m deal with Ideal Homes to deliver 750 homes for affordable rent across the borough.
BoKlok has already begun to deliver some homes in the UK, agreeing deals with local councils.
In October 2019 it agreed a memorandum of understanding with Bristol City Council to build 200 homes in the city over the next five years. It has also signed a deal with East Sussex County Council for 162 homes.
Graeme Culliton, UK managing director at BoKlok, said: “This is an exciting opportunity for both BoKlok and Vivid. We share the same values and determination to bring more sustainability to the UK housing market.
“Working together allows us to accelerate our housing concept and build on the foundations we have already made in the South West region.”
Mark Perry, chief executive of Vivid, said: “We’re delighted to announce we’re working with BoKlok on this first-of-its-kind partnership with a housing association, having admired its innovative developments, building both sustainable and high-quality homes.
“Vivid and BoKlok have a common vision and are aligned in our forward-thinking approach, to build more homes across a range of tenures, using the latest approach in modular construction. BoKlok is also the right partner for us with our drive to net zero carbon.”
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