Swindon Council is to form a joint venture with Barratt Developments to build the next phase of the town’s major Wichelstowe development, including at least 3,000 new homes.
The joint venture will involve the council and Barratt equally sharing the risks and rewards of the 20-year project. The council, which described the scheme as “a high-quality development designed to appeal to all generations, with market-leading levels of green open space” could earn tens of millions of pounds from the move.
The proposal to develop the joint venture will go to the council’s cabinet for approval next Wednesday with the contracts due to be signed in the next few months.
Outline planning permission was granted for the entire Wichelstowe scheme in 2005, and around 700 homes have already been built in the East Wichel area of the development, for many years known informally as Swindon’s ‘front garden’.
However, building stalled following the financial crisis in 2008.
The deal with Barratt Developments, which builds and sells houses under the Barratt Homes and David Wilson Homes brands, will re-start the project and will develop the Middle and West Wichel areas, which cover the remaining 75% of the land, all of it owned by the council.
Council deputy leader and cabinet member with responsibility for the Wichelstowe project, Cllr Brian Mattock, said: “This deal is absolutely vital for Swindon’s future economic strength and prosperity. It will contribute hugely to our demand for more high-quality housing, and will bring in much-needed income over a long period.
“We have forged a 50/50 partnership with one of the UK’s biggest and most successful housebuilders, and I am certain we will draw on the strengths of both the public and private sectors to create a truly ground-breaking development that sets new standards. We are pleased to be working with a partner who shares our high quality aspirations for Wichelstowe.
“There is a lot still to be done but the work to secure this agreement has been considerable, and has had cross-party input and support.”
Barratt Developments regional managing director Chris Burton added: “We are delighted to have been selected as preferred bidder on one of the most significant public/private housing projects in the country.
“This is a highly innovative approach and we look forward to working with Swindon Borough Council to conclude this agreement.
“We can then deliver an outstanding place to live for the people of Swindon, and a commercially successful project for the project partners.”
The partnership aims to deliver a high-quality development, making the best use of the existing landscape and its well-connected location. There will be a particular focus on spacious housing which looks to meet the needs of a wide range of buyers, to create a true inter-generational development.
The council will provide its land to the venture, with Barratt providing its expertise to manage the construction of the development and the sales of properties on behalf of the joint venture. It is expected that the site will take more than 20 years to develop completely, but this will depend on market conditions throughout the lifetime of the project.
