LiveWest forms £300m joint venture with house builder

It is the first joint venture between LiveWest and Lovell, although both organisations have “a long history of partnership working”, they said in a statement. Lovell is the housing arm of construction giant Morgan Sindall.

The joint venture is expected to be a “multi-phase, multi-year relationship”, which will create a new neighbourhood on the outskirts of Barnstaple over the next 10 years.

The site already has outline planning consent. In addition to new affordable housing, the development will also include a new primary school, neighbourhood hub and employment space, as well as 27 hectares of “open space”.

Simon Hawketts, director in charge – open market at LiveWest, said: “Our exciting partnership with Lovell in North Devon will provide a fantastic opportunity for local people to access great affordable housing over the next 10 years.

“We are proud to play our part in meeting the housing crisis and in making lasting change in providing a home for everyone.”

Ross Field, regional managing director for the South West at Lovell, said the acquisition “builds on the momentum we are creating in the South West to deliver high-quality mixed-tenure developments”.

He said the project will provide homes “across all tenures, open spaces for community use & allocated land for future education & employment opportunities”.

Trowers & Hamlins advised on all aspects of the transaction. It was led by real estate partner Jack Frier and assisted by associate Matt Rundle, with input from colleagues in the firm’s specialist support teams in planning, environmental, construction and tax.

Mr Frier said: “We are passionate about the creation of much-needed homes and to have been involved in creating the first partnership between two of our key clients in the region is fantastic.

“This transaction ultimately involved 15 separate principals and this alone required patience and pragmatism on all sides – it’s a brilliant result and we look forward to seeing the project come to life.”