Barratt Developments has formed a joint venture (JV) with Homes England and Lloyds Banking Group, named MADE Partnership, with the aim of advancing the development of large housing projects throughout the UK.
The focus of the MADE Partnership will be on orchestrating the comprehensive development of substantial sites, which are anticipated to contribute thousands of new homes nationwide.
As a master developer, the MADE Partnership will oversee extensive residential projects varying from 1,000 to more than 10,000 homes. These projects will also include community amenities and business spaces.
The venture will target brownfield redevelopment and the creation of new communities modelled after garden villages.
Barratt is a national homebuilder; Homes England is the UK's governmental entity charged with housing construction and urban renewal; and Lloyds Banking is a major financier in the housing market.
The partnership is structured as a long-term commitment with an initial equity investment totalling £150m ($196.90m), contributed equally by the three partners.
By combining the respective expertise and resources of its members, the MADE Partnership is poised to mobilise the necessary capital to expedite the development of larger sites.
This initiative is expected to benefit both major housing developers and small to medium-sized enterprises, facilitating the construction of new homes and community spaces required across the country.
UK 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.”
The development follows the launch of the New Homes Accelerator by UK Deputy Prime Minister Angela Rayner last month.
