The initiative aligns with the government’s ambition to deliver 1.5 million new homes over the next five years. Credit: Woodycat via Shutterstock.

The UK’s housing and regeneration agency Homes England and the Cambridgeshire & Peterborough Combined Authority (CPCA) have launched a Strategic Place Partnership (SPP) to strengthen their collaboration on housing and regeneration projects.

This initiative aligns with the UK government’s ambition to deliver 1.5 million new homes over the next five years.

The move builds on a history of partnership work in Cambridgeshire and Peterborough, including Northstowe, one of Britain’s ‘largest’ new settlements, also home to 1,400 households.

As the master developer of the partnership, Homes England is overseeing the development of 10,000 new homes, a town centre, and other community facilities.

The CPCA and Homes England are joining forces to attract additional investment to the area.

Their immediate focus is to formulate a joint strategy that will expedite local housing, regeneration, and growth initiatives.

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This includes an investment of more than £100,000 ($123,405) by Homes England in the next eight weeks to fast-track the development of the Peterborough station quarter.

Peterborough’s growth and Cambridge’s property and land values underscore the need for affordable housing in the region, stated the agency.

Additionally, the agency has pledged funds to accelerate the Waterbeach New Town project, which has the potential to deliver 11,000 homes.

This funding includes more than £23m for the relocation of a railway station, a move that will directly facilitate the construction of 4,500 homes in partnership with UK-based Waterbeach Development Company.

These efforts complement the existing £61m loan for the redevelopment of the former Waterbeach Barracks and airfield site, undertaken by developer Urban&Civic, which is expected to yield 6,500 homes upon completion.

Homes England CEO Eamonn Boylan said: “Through our Strategic Place Partnership model, we work hand-in-hand with local leaders to help them accomplish their ambitious housing and regeneration aims. This SPP marks the agency’s commitment to working with the Cambridgeshire & Peterborough Combined Authority, to help realise the aspirations set out in the Shared Ambition for Cambridgeshire and Peterborough 2050.

“We already have a strong track record of delivering transformative projects across the region and through this new partnership we will build on our existing relationships and achieve even more for the local community.”

Last month, Homes England and Invest & Fund expanded their Lending Alliance to boost small and medium-sized enterprise construction, offering development loans up to £4m with 70% loan-to-gross development value and 85% loan-to-cost.