A huge new neighbourhood is set to be built on the outskirts of Barnstaple in North Devon over the next decade. Housebuilder Lovell and housing association LiveWest have agreed a joint venture to acquire a plot of land for up to 820 homes.
The deal will see LiveWest’s commercial arm, Westco Properties, developing the 135-acre site with the housing division of the FTSE-250 listed construction giant Morgan Sindall.
It is the first joint venture to be struck between the two organisations and marks the start of a multi-phase, multi-year relationship.
Lovell and Westco plan to deliver at least 324 homes as affordable homes via delivery on behalf of LiveWest.
Ross Field, regional managing director of Lovell, said: “Lovell are delighted to have secured this fantastic scheme working in partnership with Westco Properties. It builds on the momentum we are creating in the South West to deliver high-quality mixed-tenure developments. The project will provide homes across all tenures, open spaces for community use and allocated land for future education and employment opportunities.”
The development site, which has outline planning consent, will also include a new primary school, neighbourhood hub and employment space as well as 27 hectares of new open space.
Simon Hawketts, director at LiveWest, said: “We are committed to providing good-quality, open-market and affordable homes and creating thriving communities. Our exciting partnership with Lovell in North Devon will provide a fantastic opportunity for local people to access great affordable housing over the next 10 years.
“We are proud to play our part in meeting the housing crisis and in making lasting change in providing a home for everyone.”
International law firm Trowers & Hamlins advised on the deal between its clients Lovell and LiveWest. The transaction was led by real estate partner Jack Frier and assisted by associate Matt Rundle.
“We are passionate about the creation of much-needed homes and to have been involved in creating the first partnership between two of our key clients in the region is fantastic,” added Mr Frier.
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