Crest Nicholson and Sovereign Housing Association partner up for £229m joint venture

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920 new homes will be built at the Harry Stoke site, with the first phase expected to be completed by autumn

Crest Nicholson and Sovereign Housing Association have announced the formation of a partnership to deliver 920 new homes within the next phase of the 2,700-home new residential community at Harry Stoke, Bristol. The £229m joint venture (JV) will utilise Crest’s place-making and major project delivery skills to deliver both the homes and associated infrastructure. The arrangements also include a commitment from the Sovereign Housing Group to pre-purchase 376 of the associated affordable and intermediate homes from the JV.

Crest Nicholson and Sovereign Housing Association are longstanding partners, with successful previous developments including Centenary Quay in Southampton, Tadpole Garden Village in Swindon and Harbourside in Bristol. The joint venture formation follows Crest Nicholson’s wider strategy to accelerate delivery and diversify the tenure base on its larger sites through strategic partnerships.

Affordable housing and additional intermediate housing will comprise circa 42% of the development and includes 106 additional grant-funded intermediate homes available for shared ownership or affordable rent. These homes will include a range of one- and two-bedroom apartments and two-, three- and four-bedroom homes to suit the diverse range of customer needs.

The homes at Harry Stoke are set to be delivered over the next seven years, with infrastructure works due to start this month. The first completed units are expected for autumn 2019, with residents moving in shortly after.

Chris Tinker, interim chief executive at Crest Nicholson, commented: “We are delighted to be extending our longstanding partnership with Sovereign and to be teaming up together to deliver this new residential community on the Northern fringe of Bristol.

“The combination of Crest’s major project and housing delivery skills and Sovereign’s commitment to acquiring and managing the new affordable and intermediate homes will enable us to accelerate the delivery of quality new homes at Harry Stoke and to meet the housing need in this fast-growing part of Bristol.”

Tom Titherington, executive director development and commercial for Sovereign, said: “As a major affordable housing provider, we are looking for partners who can help us provide the foundations for a new community – quality, affordable homes, jobs and infrastructure that supports our placemaking agenda. Having worked with Crest Nicholson for a number of years, we are confident they are the right partners to build these foundations with us at Harry Stoke.

“This is also quite a milestone for us, as this well-designed, quality development will bring the number of much-needed affordable houses that we’re delivering in the Bristol region over the next few years to more than 1,000.”

Conveniently located for commuters, with Bristol Parkway station and the M32 motorway nearby, Harry Stoke is a 65-acre site that forms a major part of the South Gloucestershire Council’s housing strategy.

In addition to the affordable housing, the partners are providing more than £9.5m worth of community contributions as well as a local retail centre, community hub, primary school site and nursery. Much-needed infrastructure developments are also being made, with the construction of a new link road to provide access for residents and the surrounding community.

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