JV set up to build 920 Bristol homes

Crest Nicholson is to build 920 homes in Bristol through a new joint venture with Sovereign Housing Association.The £229m project will form the next phase of a 2,700-home new residential community in the Harry Stoke area in the north of the city. The homes at Harry Stoke are set to be delivered over the next seven years, with infrastructure works due to start this month. The first units are expected to be completed this autumn.Formation of the joint venture follows Crest Nicholson’s wider strategy to accelerate delivery and diversify the types of tenures on its larger sites through strategic partnerships.The arrangements include a commitment from the Sovereign Housing Group to pre-purchase 376 of the homes from the JV.Affordable housing and additional intermediate housing will comprise about 42% of the development. The scheme includes s106 and additional grant-funded intermediate homes available for shared ownership or affordable rent. Crest Nicholson will also deliver the associated infrastructure.