Kier Living, Homes England and Cross Keys Homes have announced a ten year joint venture aiming to deliver up to 5,400 new homes in “areas of the country with the greatest need”.
The joint venture will deliver mixed tenure housing in key locations across England. The partnership has announced its first four sites: The Laurels in Tipton; Meadowbank, Newcastle-under-Lyme; The Orchards in Rushwick and Chelmsley Lane, Marston Green.
The partnership said that its pipeline for additional sites was designed to expand to 18 trading sites which would cover “the breadth of the country” by mid-2020.
Throughout the JV, the organisations intend to focus on skills and new innovations, with at least three new apprenticeships at each site and a minimum of 50% of labour sourced locally. The partnership also aspires to deliver 20% of the homes using modern methods of construction (MMC).
Homes England is taking a 26% equity stake in the jv, providing up to £27 million in mezzanine funding from its £3 billion Home Building Fund.
Kier Living has worked with both Homes England and Cross Keys Homes. It was appointed to the former’s £8 billion Delivery Partner Panel framework, and work with Cross Keys includes a jv to deliver new homes across the east of England which has so far completed 357 units.
John Anderson, executive director of Kier Living, said: "This joint venture is an important new milestone, bringing Homes England, Kier and Cross Keys together in an innovative industry model.
It is fuelled by the shared ambition of three like-minded organisations to bring forward development activity and get more homes built, against a backdrop of housing demand continuing to outstrip supply.”