Kier, Homes England and Cross Key Homes to build 5,400 homes across UK
This pioneering collaboration between Government and Kier Living, the residential division of Kier Group, will supply mixed tenure housing projects in key geographical locations across England.
The first four sites to form the partnership are confirmed with a number in the West Midlands, an area identified as having a significant housing delivery shortfall.
The initial developments are; The Laurels in Tipton, Meadowbank in Newcastle-under-Lyne, The Orchards in Rushwick and Chelmsley Lane in Marston Green.
The pipeline for additional sites is strong and modelled to grow to 18 trading sites spanning the breadth of the country by the middle of 2020. Over the lifetime of the JV, the intention is to create diverse communities, with 30% of all of the homes set at affordable levels.
The JV will invest in skills and new innovations throughout the lifetime of its partnership.
At least three new apprenticeships will be supported at each site and a minimum of 50% of labour will be employed from the local area, to bring maximum benefit to the communities in which they develop.
A Shaping Your World Virtual Plaque will be installed at each development, providing information about the site and local area as well as detail on the breadth of jobs available in the built environment.
Over the duration of the JV, the aspiration is that 20% of the homes will be delivered through modern method of construction (MMC).
Kier Living has strong and long-standing relationships with Homes England (formerly the Housing and Communities Agency), having been appointed to its £8bn Delivery Partner Panel framework, and has worked extensively with Cross Keys Homes, including a JV to deliver new homes across the east of England, with 357 units completed to date.
Homes England is taking a 26% equity stake in the JV and will provide up to £27m in mezzanine funding from its £3 billion Home Building Fund.
Homes England’s Investments team was recently named as Residential Financier of the Year in this year’s RESI Awards and the JV with Kier and Cross Key Homes England is another significant investment to support the residential development market. ■