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Network Homes to work with £2bn offsite partnership
A housing association has agreed to work with one of the UK’s biggest property developers as part of its £2bn offsite construction agreement.
Network Homes has formed a strategic partnership with developer Stanhope to deliver 1,500 built-to-rent homes over the next five years.
Network will also be working with Stanhope on its new £2bn offsite partnership with construction company Laing O’Rourke on a site-by-site basis.
Under the deal, Stanhope will deliver £2bn worth of new homes, mostly from Laing O’Rourke’s offsite housing factory in Nottingham.
All 550 homes set to be delivered in Southall in a joint venture between Network and Stanhope will be built offsite in Laing O’Rourke’s factory.
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These will be the first homes from the factory, which has long been delayed by uncertainty around whether there was enough demand to generate the economies of scale necessary for offsite manufacturing to be viable.
Further homes built under the partnerships might not all be built offsite, but the companies anticipate that most will.
David Gooch, commercial director at Network Homes, said: “This joint venture is an exciting opportunity to transform a large, poorly used site into high-quality housing for local people, including a range of affordable homes.
“The development is also an important step forward in our strategic partnership with Stanhope, one of the UK’s leading developers.”
David Camp, chief executive of Stanhope, added: “This alliance between a major private developer like Stanhope and a leading housing association like Network Homes is the only way we are going to solve London’s housing crisis by delivering high-quality new homes cheaply and efficiently outside the conventional structures which have failed.
“We need to disrupt the market to achieve the ambitious goals for new and affordable housing set by the mayor of London and the government.”
