Countryside and Sovereign Acquire 2,500 Home Site | New

A joint venture involving homebuilder Countryside and the 60,000-home housing association Sovereign has acquired a site to deliver 2,500 homes.

The joint venture has traded contracts with Ainscough Strategic Land to purchase the 365-acre Lotmead farm in Swindon.

The site has a planning permission for 2,500 new housing units, 30% of which are affordable and will be managed by Sovereign. The program also includes 400 homes for rent to individuals.

The development will also include the creation of two primary schools, local centers, nurseries, shops and commercial spaces.

Iain McPherson, Managing Director of Countryside Group, commented: “This is a historic agreement for us as we continue our rapid growth in the South West and we are delighted to be working in a strategic partnership. joint venture with Sovereign to deliver a distinctive, diverse and sustainable community.

Tom Titherington, Director of Investment and Development for the Sovereign Housing Association, said: “Development at Lotmead fits perfectly with our strategy of working with other like-minded developers to create new, lovely places where we know that the properties that we provide to our clients will be fit for the future. Here we are able to increase the number of new affordable housing beyond section 106 by almost 50% using funds from the Homes England partnership.

See also >> Genius or madness? Why Countryside’s decision to pull out of homebuilding is causing a stir

Sovereign currently has a development pipeline of 7,175 homes. However, he revealed last week that he has so far only completed 53% of his planned development schedule for the first six months of 2020/21, citing issues with the availability of materials and labor. ‘artwork.

Countryside is implementing a change in strategy to focus on its £ 600million partnership business. The company announced in July that it was ending its direct home construction business.

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