Lloyds Banking Group and Barratt Developments have entered into a joint venture with the government body, Homes England, to deliver large-scale housing developments.
The new venture, Made Partnership, will act as master developer for major regeneration projects and to build new “garden village” communities across England.
A master developer oversees projects, including acquiring land, managing dealing with planning, installing infrastructure and selling off sections of land to other developers.
The new partnership will build residential-led developments ranging from 1,000 homes to more than 10,000 homes, including community facilities and space for businesses.
The partners have each provided up to £150m of equity funding to back the new venture.
Housing and planning minister Matthew Pennycook says: “A failure to ensure the development system is working properly has held back the delivery of tens of thousands of new homes over recent years and this government will work in partnership with all those who are focused on turning things around.
“The landmark new partnership announced today will support our commitment to ramp up housing supply and boost economic growth by developing more large-scale, attractive and sustainable places across the country with the homes, jobs and infrastructure that communities need to thrive.”
Barratt chief executive David Thomas says:“Through the Made Partnership, we are creating a master developer which can manage the infrastructure and placemaking that is needed to deliver at scale, whilst consistently achieving the high quality and sustainability standards that Barratt is known for.”
Lloyds chief executive Charlie Nunn says the new partnership will enable “the largest-scale projects and place-based solutions to be achieved, and helping to deliver tens of thousands of new homes which are so urgently required.”
He says:“This is the cross-sector collaboration we need, at significant ambition and scale.”
Homes England chief executive Peter Denton says: “Made Partnership will provide a master developer platform with the ambition and capability crucial for creating not just the homes but the vibrant, diverse places England needs.
“Whether it’s transforming a brownfield site, extending an existing town, or creating a whole new village, the partnership will have the finance, tools, expertise and partners required to ensure a cohesive approach to delivering a fabulous place that people want to live and work.”
