Gresham House and Countryside Partnerships agree £40 million deal to fund 167 new Wiltshire homes

Gresham House has agreed a £40 million deal with leading mixed-tenure developer Countryside Partnerships, for the forward funding of 167 new-build homes in Chippenham, Wiltshire.

The homes, a mixture of houses and apartments, are located at Langley Park, a brownfield site in a former industrial area now being repurposed into affordable housing. They will form part of a larger 340-home project being developed at the site, with Countryside Partnerships selling the remainder of the properties directly to the open market.

The location is less than a 10-minute walk to Chippenham town centre and station, which connects into Bath, Swindon and Bristol. Importantly, the project will deliver affordable homes to a location with constrained affordability, where the average house price to income ratio is more than 10x.

The 159 shared ownership homes will be delivered to EPC A energy efficiency standards through a combination of a “fabric first” approach to design and the installation of ground and air source heat pumps and will all have private outdoor space. Construction is scheduled to begin on the site in mid-2023, with the first completions to take place in the third quarter of 2024.

Gresham House has now invested in more than 2,150 shared ownership homes through its Limited Partnership and its separate listed investment trust counterpart, Residential Secure Income plc (LSE: RESI). In December, the fund acquired 469 shared ownership homes in Cornwall (£46mn), which followed funding for 163 new homes in Somerset and Kent in November.

Narvinder Khossa, Director of New Business, Housing at Gresham House says:

“We’re pleased to continue a busy period of activity with this deal, which will further strengthen the strategy’s robust income streams and support the delivery of much needed, affordable housing in Chippenham, especially given the challenging macroeconomic environment. It is also testament to the track record of the team that we have partnered with a leading national developer in Countryside Partnerships on this transaction.”

Marc Thompson, Divisional Managing Director at Countryside Partnerships, says:

“This transaction will support the completion of the Langley Park development, delivering vital housing for local residents, and will unlock further capacity for us to develop sustainable, high-quality homes up and down the country over the coming months. Gresham House is a highly respected partner for developers, and we are delighted to work with the company on this development, which will have a real, positive impact for the local community.”

Ben Fry, Managing Director of Housing at Gresham House says:

“This transaction is a great example of our ability to deliver place-based investment opportunities which aim to deliver positive environmental and social impact without sacrificing the potential for attractive risk-adjusted returns. Localised investment can also help our Local Government Pension Scheme clients and their sponsoring authorities strengthen ties with local and regional communities whilst also contributing to the Government’s levelling up agenda.

Jennifer Devine, Head of Wiltshire Pension Fund

“Investing in affordable housing is a really good match for our return requirements. We are thrilled that through our investment our members are contributing to the delivery of much needed new affordable homes in Wiltshire. At a time when cost of living concerns are at the forefront of our minds, it is hugely important that these homes will be delivered with EPC A ratings, which will help reduce energy bills for residents whilst also supporting a lower carbon economy.

ENDS

About Countryside Partnerships

In November 2022 Countryside Partnerships merged with Vistry Partnerships, to form one of the country’s leading mixed-tenure developers as part of Vistry Group. The combined business incorporates over 40 years’ experience of collaborative working with partners in both the public and private sectors.

In partnership with housing associations, public bodies, landowners and institutional private rental operators, Countryside Partnerships delivers multiple tenures, including affordable homes, build to rent homes and homes for private sale. The company maintains a strong focus on place-making, designing places people love, to create long-term sustainable communities across the UK, including some of the country’s most complex regeneration and master planned sites.

Countryside Partnerships is part of Vistry Group PLC which also includes Vistry Housebuilding, and housing brands Bovis Homes and Linden Homes.

The Group has been awarded the 5 Star Rating by the Home Builders Federation following the latest home building industry’s Customer Satisfaction Survey.

For more information see www.countrysidepartnerships.com or follow @Countryside_PS on Twitter.