This will be the first large-scale ‘all-affordable’ homes development built on the island in a decade

Sovereign Network Group (SNG) and Captiva Homes have struck a £30m investment deal to build 131 affordable homes at Horsebridge Hill on the Isle of Wight.

SNG

Source: SNG

SNG’s scheme at Horsebridge Hill will deliver 131 new homes for social rent and shared ownership

All of the homes will be for social rent or shared ownership, with SNG stating that this is the first large-scale all-affordable development built on the island in a decade.

The scheme has received £11.4m in funding from Homes England and SNG will be investing the rest.

The 84,000-home housing association has purchased the land at Horsebridge Hill and the Isle of Wight-based housebuilder Captiva will build the homes as part of package deal to meet SNG’s Homes and Place Standard for sustainability and liveability.

>> See also: SNG selects Vistry to deliver 575-home scheme in west London

>> See also: What should England’s affordable housing target be and how can we reach it?

The project will offer a mix of two, three, and four-bedroom houses, along with one and two-bedroom apartments, “catering to diverse family needs”.

Construction will begin within three months, with the first residents moving in by summer 2025. The whole project is projected to be completed in three years.

Jenny Grote, assistant director of new business growth for SNG, said: “As we build our pipeline over the next ten years to hit our ambition of 25,000 new homes, we are actively seeking opportunities to deliver more projects like this. Working with Captiva, the community, and the council from the initial stages of this development has enabled us to design the mix of affordable housing that is desperately needed, and we look forward to seeing this new community thrive over generations.”

Captiva Homes chief executive, Iain Delaney, said: “The whole team at Captiva Homes is thrilled to finalise this monumental contract, securing significant investment for the island. The positive engagement from the council, Local Planning Office, NHS St Mary’s, and the local community has been invaluable in shaping a development that sets new standards in local affordable housing.”

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