Places for People and Cofton announce £300m joint venture

‘Making Places’ is a unique partnership which aims to set new standards in developing and delivering sustainable communities.

Making Places, a new joint venture set up to acquire land and deliver thousands of homes across the UK, has been established by two of the property, housing and regeneration sector’s major players.

The venture has been formed to procure land for large scale and complex developments that will help to address the country’s chronic housing shortage and meet the growing demand for new high quality, energy efficient homes. It is intended to invest up to £300M in land acquisition in the next two years.

It is a partnership between Places for People – one of the UK’s largest housing and regeneration groups - and Cofton, the land regeneration and development specialist with more than 30 years experience.

Cofton’s expertise is in identifying and purchasing land, negotiating the planning process and providing essential infrastructure. This will complement Places for People’s understanding of creating neighbourhoods of choice, and deliver land on which will be built sustainable mixed-use communities.

One of the first projects Making Places will be responsible for is the £200M transformation of Smith’s Dock in Newcastle, a historic ship repair yard on the north bank of the river Tyne. The 23 acre site, which fell in to decline during the 19th Century, will feature 1,220 new homes along with local facilities. Works will start on the remediation phase in late spring, with the site expected to be ready for development by the end of 2008. Discussions with parties interested in acquiring remediated land will commence shortly.

Making Places will also be developing land for over 600 properties in Swindon, after acquiring the prestigious 45 acre site at Pipers Way. The site is currently home to offices, but the £150m redevelopment will also provide a range of open market and affordable homes for sale and rent, an extra-care facility for elderly people and a healthcare centre. The first properties will be available to homeowners in 2008. Land is likely to be made available to housebuilders in the Summer of 2007.

David Cowans, Chief Executive of Places for People said: “This is a fantastic initiative and one which will help deliver thousands of quality affordable homes across the country in attractive mixed tenure, mixed use neighbourhoods

“Both organisations have strong track records in delivering mixed tenure homes and regenerating brownfield sites across the UK. 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.“

Peter Nelson, Managing Director, Cofton Ltd said: “When you consider our combined experience and expertise, setting up this new land delivery venture makes a lot of sense. Working with Places for People, we have the opportunity to deliver vibrant new communities that offer real choice for all. We have already started work on two exciting projects and will be looking to progress several more in the near future.”