Man GPM has struck a deal with house-builder Crest Nicholson for 95 properties under construction at Alconbury Weald.
The investment includes 64 houses and 31 apartments. Of these, 29 will be allocated as shared ownership, allowing households with smaller deposits and lower incomes the opportunity to get on the property ladder as owner-occupiers. The other 66 will be offered at a discounted rent for essential workers. Construction is already under way, with the first homes ready in April 2021 and all homes completed by summer 2022.
Crest Nicholson is one of six housebuilder working with Urban&Civic at Alconbury Weald, building 192 homes within the new community.
Kieran Daya, managing director of Crest Nicholson Partnerships & Strategic Land (CNPSL), said: “Working with Man GPM to deliver on their community housing strategy is yet another innovative partnership for Crest Nicholson. Not only does this partnership allow us to bring a new tenure into the wider Alconbury Weald community, it also delivers sought after essential worker accommodation to Cambridgeshire.
“We have a strong history in creating dynamic, high quality communities throughout the southeast and strategic partnerships, like our new relationship with Man GPM, help us deliver on that heritage in a new way. We are looking forward to continuing our work with Man GPM and other new entrants into the market over the coming years.”
Shamez Alibhai, head of community housing at Man GPM, said: “The Cambridgeshire area has been an important economic engine in the UK. Unfortunately, this has meant that a large proportion of households, including essential workers, have been priced out of the market for either home ownership or rent. Our investment with Crest Nicholson on this high-quality development, will mean that we can offer homes in which families can afford to live and work in the Cambridgeshire area.
“Man GPM has a strong commitment to delivering housing that is affordable and sustainable in the towns and cities in which we invest and, by partnering with quality developers like Crest Nicholson and others, we can address the housing imbalances in the country.”