Multi-million pound funding package to deliver 1,300 homes in Cambridge
A ten year funding deal worth £22.4 million is set to accelerate delivery of around 1,300 homes at Wing in Cambridge.
Hill Marshall LLP – a joint venture between two Cambridge based businesses, Marshall Group Properties and Hill – secured the loan following a landmark deal with Homes England. The loan itself was made possible through the Homes Building Fund, which helps to unlock or accelerate delivery of residential and mixed-use housing developments.
“At Homes England we’re using our land, finance and expertise to speed up the delivery of new homes,” said Nick Walkley, Homes England’s Chief Executive. “This loan through our Home Building Fund is a significant step towards seeing this 1,300 home new community at this key development site in Cambridge become a reality and I look forward to seeing work start on-site.”
The development in question, Wing, is to be sited on an 160 acre plot of brownfield land owned by Marshall Group. The first phase will be delivered by Hill and once complete, will comprise 350 private homes and 150 affordable homes – including shared ownership and affordable rent tenures. Crucially, the Home Building Fund loan will enable infrastructure works throughout the project, including creation of the main spine road, the strategic drainage network, a pumping station and accompanying landscaping.
“We are delighted to have secured new funding from Homes England’s Home Building Fund for this development in the City,” said a spokesperson from Hill Marshall LLP. “It will ensure we are able to deliver an outstanding new community for local residents in half the amount of time it would normally take. Cambridge has long been established as one of the best places to live in the UK and this new community seeks to add further to the city’s success.”
Wing will launch in late 2019, with the first homes expected to complete in the summer 2020.
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