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Homes England has teamed up with Vistry Group to create a new joint venture called Hestia, aimed at accelerating the development of large, mixed-tenure communities in England. Backed by a combined investment of GBP 150 million (around USD 203.58 million), Hestia will focus on residential projects ranging from 400 to 3,000 homes each. The initiative aligns with the UK government's target of building 1.5 million homes in this parliamentary term and also seeks to support smaller housebuilders while promoting social and affordable housing.
Homes England, the UK government's housing and regeneration agency, has joined forces with Vistry Group to form a long-term joint venture named Hestia. This collaboration is designed to speed up the construction of high-quality, mixed-tenure communities across England. The venture is backed by a combined investment of GBP 150 million (approximately USD 203.58 million) from both organizations. Advertisement
Hestia will focus on identifying strategic land sites for development and overseeing the construction of communities with between 400 and 3,000 homes each. The aim is to combine private capital with government investment to deliver thousands of new homes available for purchase and rent.
The Housing and Planning Minister, Matthew Pennycook, highlighted the importance of increasing the pipeline of large mixed-tenure sites nationwide. He emphasized that using modern construction methods and supporting small and medium-sized housebuilders are key to meeting the government's goal of delivering 1.5 million homes during this parliamentary term.
Stephen Teagle, Chief Executive of Partnerships & Regeneration at Vistry, said the joint venture demonstrates the value of collaboration. He noted that co-investing with Homes England allows Vistry not only to build homes but also to invest in the broader development of communities, including social and affordable housing.
The venture also plans to pilot the release of de-risked land parcels to small and medium-sized housebuilders. This approach is expected to increase the availability of land for development and encourage growth among smaller developers.
This initiative comes after the UK government announced a GBP 10 billion investment to increase housing supply in England. It reinforces the government's focus on addressing the housing shortage and promoting sustainable community development.
Source; Reuters
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