Deals are latest in series of agreements since pivot to partnerships
Vistry has announced two new partnership agreements to deliver a total of 1,900 mixed tenure homes.
The larger of the two deals is a 50:50 joint venture with registered housing provider Abri. It will see 1,500 new homes delivered at Arundel at the Ford Airfield Site in West Sussex, with 50% of the homes pre-sold for affordable housing.
Abri’s scheme will also include community infrastructure including a local centre, commercial and retail space, a primary school and a 60-bed care home.
A period of public consultation on the scheme is set to commence this spring, with work expected to commence next year subject to planning approval.
In a separate deal, Vistry will build 400 homes at a new site at Hatchfield Farm, Newmarket, 200 of which have been pre-sold to Clarion Housing Association for affordable housing.
The remainder of the scheme will be sold on the open market through Vistry’s Bovis and Linden brands.
Greg Fitzgerald, chief executive of Vistry Group, said: “These two sites support our strategy of delivering a significant number of mixed-tenure homes with our affordable housing partners.
“We have well-established, long-term relationships with Abri and Clarion and are pleased that at both sites we are providing additional affordable housing in excess of our Section106 obligations. The sites will also provide long-term visibility to our supply chain partners and certainty of work.”
>> See also: Profit and revenue up as partnerships shift continues at Vistry
>> See also: ‘I’m extremely demanding’: Greg Fitzgerald on delivering the Vistry growth plan
Both deals are a continuation of the group’s strategy of focusing on its high-growth, capital light partnerships model.
The strategic pivot helped the firm deliver improved revenue and pre-tax profit in its most recent annual results, posted earlier this month.
Fitzgerald told Housing Today this month that its commitment to the model had made it the builder of choice for many RPs.
“Do you want to deal with someone who’s going to be doing that scheme with you next year,” he said, “or someone that’s going to be gone next year?”
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