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Fri April 19 2019

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Bovis Homes forms Wellingborough social housing JV

3 Apr Bovis Homes has set up a 50:50 joint venture with social housing provider Riverside for the development of a new community at Stanton Cross, on the edge of Wellingborough in Northamptonshire.

Bovis and Riverside plan to build more than 3,600 new homes together, along with leisure, retail and office space, new schools, public parks and open spaces.

The first phase at Stanton Cross was launched in September 2018. Bovis Homes completed 22 units on the site in 2018, banking £2m profit from it.

Bovis Homes and Riverside have each put in equity of £33.1m into the joint venture. Together with a £36.4m Homes England loan, transferred from Bovis Homes Ltd, the JV has gross assets of £102.6m relating to the development, including land and work in progress

Bovis Homes chief executive Greg Fitzgerald said: “We are very pleased to have formed this partnership with Riverside, one of the UK’s leading providers of affordable housing and look forward to creating this exciting new community at Stanton Cross with them. We announced the development of our Partnership Housing Division earlier this year, and this is a great example of our land led strategy and working in partnership, in particular with housing associations, on our larger developments.”

MPU

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