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Thu July 18 2019

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JV set up to build 920 Bristol homes

2 Jul Crest Nicholson is to build 920 homes in Bristol through a new joint venture with Sovereign Housing Association.

The two have previously worked together on Centenary Quay
The two have previously worked together on Centenary Quay

The £229m project will form the next phase of a 2,700-home new residential community in the Harry Stoke area in the north of the city. The homes at Harry Stoke are set to be delivered over the next seven years, with infrastructure works due to start this month. The first units are expected to be completed this autumn.

Formation of the joint venture follows Crest Nicholson’s wider strategy to accelerate delivery and diversify the types of tenures on its larger sites through strategic partnerships.

The arrangements include a commitment from the Sovereign Housing Group to pre-purchase 376 of the homes from the JV.

Affordable housing and additional intermediate housing will comprise about 42% of the development. The scheme includes s106 and additional grant-funded intermediate homes available for shared ownership or affordable rent.  Crest Nicholson will also deliver the associated infrastructure.

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Crest Nicholson and Sovereign Housing Association are long-standing partners, with previous developments including Centenary Quay in Southampton, Tadpole Garden Village in Swindon and Harbourside in Bristol.

Chris Tinker, interim chief executive at Crest Nicholson, said: “We are delighted to be extending our long-standing partnership with Sovereign and to be teaming up together to deliver this new residential community on the northern fringe of Bristol.

“The combination of Crest’s major project and housing delivery skills and Sovereign’s commitment to acquiring and managing the new affordable and intermediate homes will enable us to accelerate the delivery of quality new homes at Harry Stoke and to meet the housing need in this fast-growing part of Bristol.”

Harry Stoke is a 65-acre site that forms a major part of South Gloucestershire Council’s housing strategy. In addition to the housing, the partners are providing more than £9.5m worth of community contributions as well as a local retail centre, community hub, primary school site and nursery. Infrastructure developments are also being made, with the construction of a new link road.

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