Vistry exchanges contracts with government on portfolio of six developments
By Josh White
Date: Tuesday 07 Apr 2020
(Sharecast News) - Vistry Group announced on Tuesday that its Vistry Partnerships division has exchanged contracts with the non-departmental government body Homes England on a portfolio of six developments that will provide more than 570 new homes across the country.
The FTSE 250 company, formerly known as Bovis Homes, said the portfolio has a gross development value of ?105m, with the vast majority of the delivery, or 72%, being classed as "affordable" homes.
It said the six developments would provide a range of accommodation, including more than 400 affordable homes delivered through contracts with Registered Provider partners.
The new developments are in Portsmouth, Dudley, Chesterfield, Birmingham, Bridgwater and Shafton in Yorkshire.
Vistry said its partnerships unit had been working with Homes England to agree flexible delivery terms, which would allow the progression of planning applications and pre-commencement works during the current health crisis.
In addition, Vistry Partnerships has secured affordable housing contract wins totalling ?108m to build 810 new affordable homes for registered providers in both the north and south of England, the board said.
The contracts would be delivered by two of Vistry Partnerships' newest businesses, Vistry Partnerships Yorkshire and Drew Smith.
Vistry said it was actively reviewing its portfolio of projects in order to expedite the delivery of affordable homes, and remobilise sites where it could be safely done in line with government guidance.
"In what is a very challenging time for the housebuilding and construction industry, I am delighted that we have secured significant sites and contracts with long standing partners," said chief executive officer Greg Fitzgerald.
"We are already providing many hundreds of homes with Homes England across the country, and these new developments together with the affordable contract wins, will further that successful partnership and contribute a significant number of affordable homes for local people.
"Despite the current Covid-19 restrictions, the demand for affordable, quality homes remains high and we are very well placed to get these under way at pace."
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