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Barratt Developments has entered into a joint venture with Homes England and Lloyds Banking Group to create MADE Partnership, which will focus on the master development of large residential sites.
MADE Partnership will act as master developer for multiple large scale developments, with from 1,000 to more than 10,000 homes, along with a variety of community facilities.
Potential development opportunities will include large brownfield developments, as well as new garden village style communities.
MADE is described as a long-term partnership, initially backed by combined equity funding of up to £150m provided equally by the partners.
Housing and Planning Minister, Matthew Pennycook, said:
A failure to ensure the development system is working properly has held back the delivery of tens of thousands of new homes over recent years and this Government will work in partnership with all those who are focused on turning things around.
The landmark new partnership announced today will support our commitment to ramp up housing supply and boost economic growth by developing more large-scale, attractive and sustainable places across the country with the homes, jobs and infrastructure that communities need to thrive.
David Thomas, Chief Executive of Barratt Developments, said:
We are committed to playing our part in delivering the millions of new homes the country needs over the next 10-20 years. To help us achieve this goal, we need to deliver more large developments. Through the MADE Partnership, we are creating a master developer which can manage the infrastructure and placemaking that is needed to deliver at scale, whilst consistently achieving the high quality and sustainability standards that Barratt is known for.
Peter Denton, Chief Executive of Homes England, said:
MADE Partnership will provide a master developer platform with the ambition and capability crucial for creating not just the homes but the vibrant, diverse places England needs. Whether it’s transforming a brownfield site, extending an existing town, or creating a whole new village, the partnership will have the finance, tools, expertise and partners required to ensure a cohesive approach to delivering a fabulous place that people want to live and work.
Charlie Nunn, Chief Executive of Lloyds Banking Group, said:
Our pioneering MADE Partnership between Lloyds Banking Group, Homes England and Barratt Developments has created a master developer – enabling the largest-scale projects and place-based solutions to be achieved, and helping to deliver tens of thousands of new homes which are so urgently required. This is the cross-sector collaboration we need, at significant ambition and scale.
