The Berkshire site is set have 2,000 new homes built on it, with associated infrastructure.
DIO previously signed a collaboration agreement with two adjoining landowners to deliver what it describes as one of the most significant residential-led development opportunities in the southeast of England.
Crest Nicholson will work with DIO to fund, manage and lead the development. The aim is to get maximum value for taxpayers from the sale, in return for a share of the net proceeds.
Subject to further agreement, Crest Nicholson will also progress the current planning position, provide strategic advice and leadership on the site development and manage the disposal process. The company will also build some of the development.
DIO assistant head of commercial Gavin Marshall said: “DIO’s priority is to support our Armed Forces as they prepare for operations by providing the facilities they need to do their job. We’re committed to ensuring the military estate is no larger than necessary and provides taxpayers with value for money.
“We are delighted to appoint Crest Nicholson as development manager on this major redevelopment project, which has the potential to create much-needed housing in south-east England to the benefit of people living in the region.”
Crest Nicholson new business director Scott Black said: "The transformation of the Arborfield Garrison into a thriving new community will be one of the most significant developments in the Country. With an estimated gross development nalue of £600m, the project will deliver 2,000 much needed homes and supporting infrastructure.
“Crest Nicholson plans to deliver around 700 of the new homes and associated facilities and bring in other house builders to deliver 1300 homes. Key to the success of the project will be partnership working and building a positive consensus not only with the DIO but with other landowners, Local Authorities, and key stakeholders."
"Our selection by the DIO to lead this important development further underscores Crest's reputation as a partner of choice in designing and delivering high-quality sustainable communities. At this critical stage in the economic recovery, we are very pleased to help generate local jobs, deliver economic growth and meet the pent up demand for quality new homes."
GVA provided Commercial and Planning support to the DIO.