Full first phase of development will deliver 991 homes
Hill Group and institutional investor L&G have agreed a partnership to deliver affordable homes in Coventry.
Under the deal, L&G will buy 200 affordable homes built by the housebuilder in the first phase of the regeneration of the City Centre South site, which is located near the city’s railway and historic market.
The homes will include 145 for social rent and 55 for shared ownership, and will be delivered across the first four buildings of the scheme.
These are located at the front of the development on Queen Victoria Road and Market Way.
In total, phase one of the wider £450m development will deliver 991 new homes, 8,000 sqm of commercial space and 17,000 sqm of new public open space.
Construction of phase one is expected to begin later this year, with the first affordable homes completing towards the end of 2027.
Andy Hill, group chief executive at The Hill Group, said: “We are delighted to be working with L&G for the first time on the delivery of affordable homes.
“Their commitment to high-quality, long-term investment in communities aligns closely with our own values.
“From the beginning, we set out to make City Centre South a new benchmark for inclusive regeneration, and this partnership ensures that the very first homes delivered will be genuinely affordable and visibly central to the life at the new development.”
>> Read more: Planned retrofit ramp-up sees Legal & General’s affordable arm double assets target
Ben Denton, chief executive at L&G’s affordable homes division, added: “We are dedicated to addressing the UK’s pressing housing crisis.
“We’re uniquely positioned to deploy significant institutional capital to deliver safe, secure, and affordable homes where they’re most needed, all while ensuring an excellent customer experience.
“Our involvement in City Centre South perfectly illustrates this commitment, and we’re proud to partner with The Hill Group and Coventry City Council on this vital regeneration project.”
No comments yet