Homes will form latest phases of major urban extension
VIstry is set to build 608 homes across the fourth and fifth phases of a housing development in Coventry.
Half of the homes delivered in the latest component of the Eastern Green scheme will be built in a joint venture with 30,000-home housing association Citizen.
Outline planning permission is in place for a total 2,400 homes across the entire Eastern Green scheme, with Vistry and Citizen already developing the 247 homes which comprise the first phase.
Across the fourth and fifth phase, 304 homes will be sold on the open market, with 152 delivered for citizen through section 106, and the remaining 152 delivered as additional affordable homes.
The urban extension scheme will also provide 15ha of employment space, 10,000 sq m of retail space, a primary school, a new local centre and a convenience store.
James Warrington, executive chair at Vistry Group, said: “Continuing our joint venture with Citizen at Eastern Green is great example of Vistry’s long term partnerships strategy – it’s enabling us to provide more than 800 new homes across three phases, with 50% of them offered in affordable tenures and the remainder for sale with one of our retail housing brands, perfectly demonstrating the strengths of the Group.”
Nick Byrne, executive director of development at Citizen, said: “We’re pleased to be continuing our joint venture with Vistry and provide more affordable and market sale homes for people living in the West Midlands.
>> Read more: How worried should the housing sector be about Vistry?
“At Citizen we have an ambitious development programme to build homes to meet the needs of our region and we also work with our partners, including Vistry, to make a positive difference to our customers and communities.
“We’re looking forward to seeing work at Eastern Green in Coventry continue building on our existing presence in the area.”
Vistry has been taking a partnerships-led approach to housebuilding since a strategic shift in 2023.
However, it has run into trouble recently with a series of profit warnings. The most recent, issued on Christmas Eve, saw the firm’s original forecast slashed by 40%.
It led broker Investec to question whether the business would meet its medium-term targets, saying that the most recent profit warning had “capped a very poor end to 2024 for the group”.
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