Vistry Group plc (LON:VTY) has announced that it has entered into an agreement with registered housing provider Abri to deliver 1,500 quality new homes in Arundel at the Ford Airfield Site.
The mixed tenure development will be delivered in a 50:50 joint venture of which 50% of the homes will be presold for affordable housing. Working in partnership with Abri, the development will also provide significant community infrastructure including a local centre, commercial and retail space, a primary school and a 60-bed care home.
Vistry Group will also be delivering 400 homes at a new site at Hatchfield Farm, Newmarket. Under our unique Partnerships model, 200 of the homes have been pre-sold to Clarion Housing Association for affordable housing. The remainder of the scheme will be sold on the open market utilising both our Bovis Homes and Linden Homes brands to maximise sales and speed of delivery.
Both deals, totalling 1,900 homes, significantly contribute to the Group’s strategy of focusing on its high-growth, capital light partnerships model.
Greg Fitzgerald, Chief Executive of Vistry Group, said:
“These two sites support our strategy of delivering a significant number of mixed-tenure homes with our affordable housing partners. We have well-established, long-term relationships with Abri and Clarion and are pleased that at both sites we are providing additional affordable housing in excess of our Section106 obligations. The sites will also provide long-term visibility to our supply chain partners and certainty of work.”
Gary Orr, Group Chief Executive of Abri, said:
“This transformative development will provide many hundreds of new, quality affordable homes, as well as new services and facilities for the local community. By working in joint venture with Vistry, we’ve unlocked the full potential of the site, making sure it delivers the best outcomes for the community. We want to play our role tackling the nation’s housing crisis and Ford Airfield will contribute significantly to Abri’s commitment to build 10,000 homes by 2030, whilst we will reinvest any surplus to improve existing homes and services, invest in communities and continue to build more affordable housing.”
Richard Cook, Group Director of Development, Clarion Housing Group, said:
“Working with Countryside Partnerships, we are proud to be delivering affordable housing at Hatchfield Farm in Newmarket. Clarion’s focus is on delivering sustainable, high-quality homes and building communities over the long term.”
