Volume house-builder Vistry Group is collaborating with Homes England, the government's housing and regeneration agency, to accelerate the development of large-scale residential sites across England.
Their joint venture, named Hestia, is backed by 拢150m of capital investment from the two organisations.
Hestia will focus on the acquisition and development of strategic sites, each ranging from 400 to 3,000 homes. It will also seek to sell parcels of land on Vistry鈥檚 larger sites to smaller developers, to support wider market participation.
Vistry Group chief executive Greg Fitzgerald said: 鈥淗estia represents a bold and collaborative step forward in unlocking the potential of large-scale sites and accelerating the creation of thriving, mixed-tenure communities across England."
Stephen Teagle, chief executive for partnerships & regeneration at Vistry, said: 鈥淥ur intention is also to pilot selling a proportion of de-risked land parcels to small and medium-sized housebuilders (SMEs) helping to increase the availability of land and stimulate growth among smaller developers.鈥�
Homes England chair Pat Ritchie said: 鈥淎s the government鈥檚 housing and regeneration agency, one of our key responsibilities is to unlock strategic housing sites by working with both the public and private sector to bring them forward at pace and scale, helping to meet the government鈥檚 housing targets. This joint venture with Vistry Group will do just that, by targeting large sites capable of delivering up to 3,000 new homes in well-designed communities, while continuing to support SME housebuilders in achieving their own growth ambitions.鈥�
Housing and planning minister Matthew Pennycook added: 鈥淏y mobilising private capital alongside government investment, this significant new joint-venture will bring forward more high-quality, mixed-tenure developments and deliver thousands of new homes to buy and rent.鈥�
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