Joint venture set up for 20-year housing project

Barratt Developments has entered into a joint venture to develop about 617 acres of land to the south of Swindon. The scheme will lead to the construction of about 2,670 new homes over the next 20 years and includes two primary schools, a secondary school and an extensive area of open space.The listed company has entered a 50:50 joint venture with Swindon Borough Council to develop land at Wichelstowe, south of Swindon.The total consideration payable by Barratt is up to £183m, with the maximum amount of funding earmarked for this financial year capped at £15.7m.The council will be contributing the land and the infrastructure already in place and Barratt, through its main trading company, BDW Trading, will fund 100 per cent of the remaining site-wide primary infrastructure, including a portion of affordable housing.Barratt will work on serviced parcels for development in five phases and is also the exclusive provider of the development and management services for the site.