Barratt Developments has formed a joint venture with Homes England and Lloyds Banking Group to bring forward large-scale schemes of up to 10,000 homes.
The private-public joint venture vehicle called MADE Partnership is initially backed with a £150m and will act as a master developer.
It aims to help bring about the step-increase in building activity needed to meet the Government’s target of 1.5m new homes over the next five years.
MADE Partnership has been set up to act as master developer for multiple large-scale, residential-led developments from 1,000 to more than 10,000 homes along with a variety of community facilities and employment uses.
Potential development opportunities will include large brownfield developments, as well as new garden village-style communities.
Once schemes are advancing, SME house builders will be able to bid to develop plots alongside Barratt.
David Thomas, chief executive of Barratt Developments, said: “We are committed to playing our part in delivering the millions of new homes the country needs over the next 10-20 years.
“To help us achieve this goal, we need to deliver more large developments. 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.”
Peter Denton, Chief Executive of Homes England, said: “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.”
