The two separate investment partnerships are expected to result in up to £340m invested in construction and development.
Following a tender process, South Cambridgeshire District Council has appointed house-builder Hill Group for one investment partnership, and Balfour Beatty Investments for another.
Each partnership will buy land for housing, including council and social rented properties, as well as for commercial developments and supporting services.
The council itself expects to put £170m into the two partnerships during the next four years but expects to generate long-term income streams in return for its investment.
The South Cambridgeshire Investment Partnership with Hill Group focus on house-building. The partnership with Balfour Beatty, called South Cambridgeshire Projects LLP, will see mixed-use developments identified within South Cambridgeshire and neighbouring areas.
Council leader Bridget Smith said: “These exciting and innovative new partnerships will help us to deliver on our pledge to build more housing that is affordable to live in, where people want to live. They will also help to grow local businesses and economies by supporting redevelopment and regeneration work at a time when this is clearly a priority. The income we raise over the course of several years will help us to maintain frontline services that residents rely on – now so more than ever because of the coronavirus pandemic. This funding will also allow us to continue our work to achieve net zero carbon for South Cambridgeshire and, crucially, provide even more affordable housing that we know we need. They will see us reap the benefits of joining-up with large companies to open-up opportunities that we wouldn’t have been able to get involved in by ourselves, while sharing the acceptable risk that investments of these types bring.”