A joint venture deal has been signed for development of Hampshire housing project. With an estimated cost of £1.2bn, new homes will be built at Manydown in Basingstoke, Hampshire. The partnership venture will be developed with the local authorities, Basingstoke & Deane Borough Council, and Hampshire County Council.
The other stakeholders in the joint venture are the global charitable foundation the Wellcome Trust, and master developer Urban & Civic. Alongside, the Manydown Development Vehicle LLP will construct 3,500 new homes, two primary schools with land reserved for a potential new secondary school, a 250-acre country park, businesses, shops and community facilities, and two local centres.
With the two councils outline planning permission approved for the development, the agreement of joint venture comes in place just weeks after approval. Approximately 2,000 acres of land will be developed with the public ownership in the south east. This particular project will be the first phase of one of the largest residential-led development schemes.