Construction of thousands of new homes to be accelerated following Homes England loan to St. Modwen
Expert developer and regeneration specialist St. Modwen Properties PLC is to begin drawing down the funds from the £75 million Homes England infrastructure loan this month – unlocking and accelerating the construction of more than 13,000 new homes across England over the next seven years
The loan, which is part of the Government’s Home Building Fund, will support St. Modwen to speed up the installation of vital infrastructure, such as roads and schools, on a number of sites.
The new infrastructure will enable the company to deliver homes through its housebuilding business, St. Modwen Homes, as well as sell other plots to third party housebuilders – helping to fulfil Homes England’s goals of diversifying the market, promoting better design and creating higher quality homes.
Chief Executive of Homes England, Nick Walkley, said:
"This type of investment is a key example of how Homes England is stepping in to disrupt the housing market and provide homes for those wanting to get a foot on the housing ladder.
"By equipping medium sized homebuilders like St. Modwen Homes with the resources to speed up construction, we are not just handing them the powers to make homes happen, but also to drive up the quality of new homes."
Rob Hudson, Chief Financial Officer, St. Modwen, said:
"Our partnership with Homes England will enable us to bring forward our housing developments more quickly, providing much-needed housing across the country."
This investment from Homes England will enable St. Modwen Homes to more than double its housebuilding output by 2022.
One site set to benefit from new infrastructure funding from Homes England includes St. Modwen’s largest residential scheme, Kingsgrove, a new settlement which will total 1,500 homes, sports pitches, open green space and community allotments, located in the Oxfordshire town of Wantage. St. Modwen recently announced the sale of a 9.65-acre plot to CALA Homes which will deliver 174 homes for the scheme, with St. Modwen Homes currently delivering 70 new homes on site.