Government gives new town £32m boost
The government has announced an injection of £32 million to kick-start the development of a new town near Plymouth.
Work on Sherford can now be brought forward, which will bring 5,500 new homes and 5,000 jobs to the local area.
Plans for the new town were adopted in 2007 but progress on the site stalled during the economic downturn. It is expected the development will stretch over the next 15 years and generate £1 billion of construction investment and inject a further £2 billion into the local economy.
The cash comes from the £335 million local infrastructure fund being administered by the Homes and Communities Agency, announced in last year’s autumn statement, to create up to 50,000 homes on major sites across England.
HCA executive director for the south and south west Colin Molton said: ‘The new community of Sherford is an incredibly important project, because it will go a long way towards meeting the significant need for new homes in Devon and Plymouth and provide a major boost for the economy.
‘It is a complex development, which has taken years to bring to this stage. It is fantastic news that investment has been approved which will support the development of the sustainable new community of Sherford.’
The cash will be made as a loan that will be repaid with interest as homes are completed and sold. It is subject to an agreement of legal terms with developer Red Tree.
Red Tree Partner James Koe said: ‘The funding is the vital catalyst to the commencement of the development and this is exciting news for Sherford and for the local economy.’
Sherford is the fifth site that has been boosted by the £335 million fund.
Housing minister Mark Prisk said: ‘We have set aside considerable funding to assist large housing programmes like Sherford, and over the coming months we will continue looking at other schemes that would benefit from our support – that means more investment, more jobs for our young people and more affordable homes for families across the country.’
Other sites that have benefited from the fund so far are Eastern Quarry in Kent, Cranbrook near Exeter, Fairfield in Milton Keynes and Reading University’s plan for Wokingham in Berkshire.
The Sherford plans also include three primary schools and a secondary school and community facilities, such as a new town hall, library and sports centre.
