09 March 2007
A joint venture company set up by England's largest housing association could pave the way for it to purchase land worth up to £300m.
Places for People, which owns almost 60,000 homes, is setting up Making Places with Cofton, a private firm that specialises in regenerating brownfield sites. Specific projects include the £200m redevelopment of Smith's Dock in Newcastle, where 1,220 new homes and other facilities are planned over the next two years. It also proposes to build more than 600 homes on an office site in Swindon.
David Cowans, chief executive of Places for People, said the venture would allow it to address the chronic shortage of affordable housing by combining PfP's experience of house-building with Cofton's expertise in buying land and negotiating planning procedures.
'By combining our strengths, we can help to provide enough market sales and affordable homes to keep pace with demand, whilst creating sustainable and cohesive communities,' he added.
The Housing Corporation this week announced that real estate consultancy Savills is to study the supply of land for residential development across England and identify obstacles to house-building.
PFmar2007
