At least 324 dwellings will be for affordable tenures
Lovell and LiveWest have agreed a £300m joint venture deal to build up to 820 new dwellings on a jointly acquired development site in North Devon.
In the first joint venture between the companies, Westco Properties, the commercial arm of 40,000-home housing association LiveWest will develop the 135-acre plot in Barnstaple alongside Morgan Sindall’s housing subsidiary Lovell.
The site has outline planning consent for affordable housing, a new primary school, neighbourhood hub, employment space and 27ha of open space, due to be delivered over the next 10 years.
Lovell and Westco plan to provide at least 324 affordable homes on behalf of LiveWest. The homes will have a gross development value of £300m.
Simon Hawketts, director in charge at LiveWest, said:“We are committed to providing good quality, open market and affordable homes and creating thriving communities.
“Our exciting partnership with Lovell in North Devon will provide a fantastic opportunity for local people to access great affordable housing over the next 10 years.
“We are proud to play our part in meeting the housing crisis and in making lasting change in providing a home for everyone.”
Ross Field, regional managing director of Lovell, said: “Lovell are delighted to have secured this fantastic scheme working in partnership with Westco Properties. It builds on the momentum we are creating in the South West to deliver high quality mixed tenure developments. The project will provide homes across all tenures, open spaces for community use & allocated land for future education & employment opportunities.”
Law firm Trowers & Hamlins advised on the transaction.
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