Barratt Developments has entered into a joint venture partnership with Homes England and Lloyds Banking Group to deliver thousands of new homes across the country.
MADE Partnership aims to focus on the master development of large sites, from 1,000 to more than 10,000 homes along with various community facilities and employment uses.
As master developer, the partnership is responsible for overseeing and managing the development of large projects, taking responsibility for the overall vision and strategy, and coordinating the wide range of stakeholders involved.
Potential development opportunities will include large brownfield developments, as well as new garden village style communities.
Lloyds Banking Group, one of the largest funders of the UK housing sector.
Last month, deputy prime minister Angela Rayner announced the launch of a new expert group, comprised of a team from the Ministry of Housing and Homes England, to speed up the delivery of 200 stalled housing sites, unlocking up to 300,000 new homes.
It will be a long-term partnership, backed initially by combined equity funding of up to £150 million provided equally by the partners.
It will also allow for unlocking and scaling of capital required to bring larger sites into production, enabling both major and SME homebuilders to build new homes and communities as needed.
The announcement follows falling revenue and profits for Barratt developments, in its latest financial results.
Revenue for the year to 30 June 2024 dropped 21.7 per cent was £4.2 billion, generating £170.5 million in pretax profits, a 75.8 per cent plummet the year previous.
David Thomas, chief executive of Barratt Developments, said: “We are committed to playing our part in delivering the millions of new homes the country needs over the next 10-20 years. To help us achieve this goal, we need to deliver more large developments.
Through the MADE Partnership, we are creating a master developer which can manage the infrastructure and placemaking that is needed to deliver at scale, whilst consistently achieving the high quality and sustainability standards that Barratt is known for.”
Housing and planning Minister Matthew Pennycook said: “A failure to ensure the development system is working properly has held back the delivery of tens of thousands of new homes over recent years and this Government will work in partnership with all those who are focused on turning things around.
“The landmark new partnership announced today will support our commitment to ramp up housing supply and boost economic growth by developing more large-scale, attractive and sustainable places across the country with the homes, jobs and infrastructure that communities need to thrive.”
Peter Denton, Chief Executive of Homes England, said: “MADE Partnership will provide a master developer platform with the ambition and capability crucial for creating not just the homes but the vibrant, diverse places England needs.
“Whether it’s transforming a brownfield site, extending an existing town, or creating a whole new village, the partnership will have the finance, tools, expertise and partners required to ensure a cohesive approach to delivering a fabulous place that people want to live and work.”
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