The partnership consists of five joint ventures across the south of England and represents a £167m investment from the two organisations.
More than a quarter of the homes will be for affordable tenures – 250 for affordable rent and 96 for shared ownership, with the rest for private sale by Vistry.
Vistry Group was formed out of Bovis Homes’ recent acquisition of Galliford Try’s housebuilding businesses, Linden Homes and Galliford Try Partnerships. [See our previous report here.]
Aster and Vistry Homes have already built more than 500 homes in the UK. The most recent joint venture to start is a 130-unit development in Kilnwood Vale, Horsham, West Sussex.
Amanda Williams, group development director at Aster Group, said: “We’ve set ourselves ambitious delivery targets and this partnership will play a vital role in meeting these goals. Joint ventures are an incredibly effective method of delivering homes and we actively look for potential partners – be they builders, other housing associations or local councils. The ability to pool resources and share risk makes them an ideal vehicle for getting large developments off the ground. I firmly believe that collaborative approaches to housebuilding like this are crucial if the sector is to deliver the homes the UK needs.”
Vistry Partnerships chief executive Stephen Teagle said: “Our joint venture partnership with Aster Group is making a real difference – enabling us to deliver more homes and more choice for customers. It is also generating important additional capacity to support more affordable homes.”
Aster built 1,156 homes in the year to the end of March 2019 and has a £2bn investment plan to deliver more than 10,000 homes over the next seven years. It operates a mixed delivery model which sees it build housing via Section 106 agreements, joint ventures and its own land-led schemes alongside a growing focus on community-led projects.