New homes to be built as early as this month
Vistry has announced a new deal to forward sell 122 homes to housing association giant Metropolitan Thames Valley Housing.
The Metropolitan Thames Valley Housing (MTVH) has agreed to purchase 90 new properties in Nottinghamshire, which consist of 65 homes at Vistry’s Fairham development and 25 family homes at its Padstow site in Bestwood in Nottingham. The housing association, which has over 55,000 homes across the country, is also taking 32 houses in Vistry’s St Lawrence Fold scheme in Clay Cross, Derbyshire.
The Padstow site is delivering 294 homes, the Fairham devlopment is delivering 322 homes and St Laurence Fold is delivering 187 homes.
The properties will consist of two-bedroom apartments and two, three and four-bedroom houses. The first homes will be built this month.
>Se also: Vistry strikes 1,750-home deal with Blackstone and Regis
Geeta Nanda, chief executive at MTVH said: “Working with Vistry, we believe these three schemes will help more people across the region have the chance of a decent, affordable home and to live well.”
Lee Parry, managing director for the North East Midlands at Vistry said: “Deals like this with MTVH which involve properties across multiple developments are hugely important in helping to tackle the crippling shortage of affordable homes in the region”.
The deal is the latest in a series of forward sale agreements announced by Vistry.
The group last month signed a deal with investment firms Blackstone Real Estate and Regis for the forward sale of 1,750 of homes in an agreement with a gross development value of £580m. Last November Vistry sold 3,000 homes to Leaf Living and Sage.
Vistry has been ramping up its housebuilding output to deliver 20,000 homes per year “in short measure”. In the longer term, Vistry is setting itself up to deliver 25,000 homes per year under its new partnerships housing strategy.
In Vistry’s results for the year ending 31 December 2023, its revenue was £3.56bn, up by 28.6% since the previous year when its revenue was £2.77bn.
MTVH’s revenue for the year to 31 March 2024 rose by 9% since last year, from £389m to £423m.
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