拢150m partnership to develop large brownfield sites and 鈥榞arden villages鈥�
Barratt, Homes England and banking group Lloyds have entered into a 拢150m joint venture to build out larger sites.
The trio said today they have launched a new company called MADE Partnership, which will act as master developer on residential-led schemes of between 1,000 and 10,000 homes.
Housebuilding giant Barratt, government agency Homes England and funder Lloyds all own an equal share in the business, which Barratt has described as a 鈥渓ong-term partnership鈥�. The business is initially backed by 拢150m in equity funding from the three organisations.
A spokesperson for Barratt, which last week saw pre-tax profit nosedive to 拢171m in the year to June from 拢705m last time, said MADE Partnership鈥檚 potential development opportunities include large brownfield developments and 鈥榞arden village-style communities鈥�.
The launch of the partnership was welcomed by housing minister Matthew Pennycook.
Pennycook said: 鈥淭he landmark new partnership announced today will support our commitment to ramp up housing supply and boost economic growth by developing more large-scale, attractive and sustainable places across the country with the homes, jobs and infrastructure that communities need to thrive.鈥�
>>See also: Vistry set to unseat Barratt as country鈥檚 biggest housebuilder
David Thomas, chief executive of Barratt Developments, said: 鈥淭hrough the MADE Partnership, we are creating a master developer which can manage the infrastructure and placemaking that is needed to deliver at scale.鈥�
Peter Denton, chief executive of Homes England, said: 鈥淲hether it鈥檚 transforming a brownfield site, extending an existing town, or creating a whole new village, the partnership will have the finance, tools, expertise and partners required to ensure a cohesive approach to delivering a fabulous place that people want to live and work.鈥�
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