Vistry Group has signed a £270 million contract to build a new 930-home village in Milton Keynes.
The Tickford Fields development, east of Newport Pagnell, is 45 hectares in size and being built in partnership with Milton Keynes City Council.
With outline planning consented, the new community will also feature education and recreation facilities including play areas, sports pitches (with pavilions and parking), and pedestrian and cycle links.
A mix of one-bedroom apartments to five-bedroom homes will be built, with more than 30 per cent classed as affordable.
Vistry will also aim to retain all established trees, hedgerows, and water features, with mitigation strategies for any displaced features.
“Improving access to affordable housing is at the heart of our council plan and I’m pleased that this development will not only deliver much-needed affordable homes for local families, but also energy-efficient and more sustainable properties that will ensure a greener future for our city,” said councillor Shanika Mahendran, cabinet member for planning and placemaking.
Andy Reynolds, MD of Vistry’s partnerships division in the South East Midlands, said: “It’s exciting to be working together with Milton Keynes City Council on this major new development that aligns perfectly with our commitment to delivering high-quality, sustainable, and community-centric places to live.”
Vistry chief executive, Greg Fitzgerald, has said the group’s latest financial results were “disappointing” after profits tumbled following underreported build costs in the group’s South division.
While revenue for the year ended 31 December 2024 rose 6 per cent to £3.7 billion, up from £3.5 billion the year before, the group suffered a 64 per cent slump in pre-tax profit to £104.9 million, against £293 million in FY2023.
Fitzgerald said the result was in part due to undervalued build costs in the South division, which cost Vistry £165 million and in turn saw the group’s operating profit down by 44 per cent from £300 million in 2023 to £167 million last year.
At the year-end Vistry held net debt of £180.7 million, compared to £88.8 million the year prior.
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