Government backing for Alconbury Weald development
The Homes & Communities Agency (HCA) has agreed to lend developer Urban&Civic £45m to speed up development of the old Alconbury airfield near Huntingdon.
More than 4,500 new homes are to be built on the 570-hectare Alconbury Weald site, along with 300,000 m2 of office and commercial space.
The HCA funding will help to fund enabling works, road and utility infrastructure and Section 106 obligations across the wider site. HCA funded infrastructure will also benefit the current house-builders on site, particularly Redrow and Morris, with the delivery of a secondary road access points onto their respective sites
Hopkins Homes is already on site building the first 128 homes and Redrow and Morris expect to have houses built by the summer. The first primary school to support the development was opened in September 2016. Three more schools are planned.
HCA chief executive Nick Walkley said: “This deal is exactly the sort of thing we are here to do – providing the means to realise the full potential of development sites and provide the impetus to enable a real transformation in local housing markets.
“Alconbury Weald is a major development of recognised quality and we will work closely with Urban&Civic to accelerate the new housing and community facilities that this site can deliver for a major growth region of the country.”
Urban&Civic chief executive Nigel Hugill said: “The HCA and Urban&Civic are fully aligned from our experience of large sites to our ambition to accelerate the delivery of housing from them. At Alconbury Weald we have brought forward infrastructure spend as a direct consequence of the HCA’s involvement and look forward to working in partnership with Nick and his team over the lifetime of the development.
“The government is right to emphasise the importance of large sites in meeting housing demand in areas of strong economic and demographic growth, as well as helping widen the supply chain for faster housing delivery.”
The terms of the loan were not disclosed.
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This article was published on 17 Mar 2017 (last updated on 17 Mar 2017).