Bourn Airfield site first acquisition by agency’s £250m joint venture with Oaktree Capital and Greycoat Real Estate
A joint venture formed by Homes England, global fund manager Oaktree Capital and property firm Greycoat Real Estate has made its first acquisition.
The £250m venture, which launched in December, has purchased the former Bourn Airfield site in Cambridgeshire and is planning to build a 3,500-home development on the site.
The proposed development on the site, which is a former Second World War airfield, received planning permission last July.
A total of 40% of the planned homes will be for affordable tenures.
The plans for the site also include £115m of investment for community infrastructure including the expansion of the Cambourne to Cambridge busway.
The joint venture is targeting large or complex sites with the potential to deliver more than 1,000 homes each.
It aims to combine institutional capital from Oaktree Capital with Greycoat Real Estate’s expertise in land development, supported by Homes England’s resources.
>>See also: University of Cambridge reveals updated masterplan in latest consultation on 3,800-home Eddington scheme
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Jon Kenny, director of strategic land at Greycoat Real Estate, said: “Our partnership is focused on the acceleration of new homes through early upfront delivery of much needed infrastructure.
“For Bourn Airfield that means delivering 40% affordable housing and facilitating the delivery of the C2C to create a sustainable, well-connected community.
“We are playing an important role in the Government’s growth plans for Cambridge and the expansion of this incredible city. By accelerating this vital project, we are not only supporting the Chancellor’s strategic objectives for the Oxford-Cambridge Corridor but also contributing to the region’s long-term prosperity and sustainable growth.”
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