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Major North East joint venture project starts work on 270-home scheme
A housing association, council and private builder have started work on a project in Gateshead where 270 homes will be built as part of a large, long-term joint venture.
The project will create 270 homes on a former rail freight depot site, which has been unused since the mid-1990s.
The project is being delivered through the Gateshead Regeneration Partnership, a joint venture between Countryside, Gateshead Council and Home Group, the housing provider.
The partnership, first signed in 2012, is a large, 15-year project which aims to build 2,000 homes across 16 brownfield sites that private builders were not interested in developing.
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The council put forward its land assets to allow the partners to secure private finance to develop the sites. Both Home Group and Countryside share equally in any development profit.
The project will deliver 165 homes for sale, 25 for affordable rent through Home Group and 80 for private rent through Sigma Capital, the investor.
Countryside has also started work on converting the civic centre and council offices in Sunderland into 265 homes, some of which will be for private rent and which will also be acquired by Sigma.
Stephen Teagle, chief executive of Countryside Partnerships, said: “These two major regeneration schemes will create high-quality new neighbourhoods and deliver new homes for local people.
“We now have over £500m of developments underway across the North East, supported by our partnerships with local authorities and housing associations.”
In November 2022, Countryside Partnerships merged with Vistry Partnerships, to form one of the country’s leading mixed-tenure developers as part of Vistry Group.
Vistry, previously known as Galliford Try, was the original partner in the Gateshead project.
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