Vistry Group, a UK-based homebuilder, has finalised contracts for a 28.5-acre site on Barnards Drive in Sileby, to construct 228 new family homes.

With a gross development value of £63m ($81.7m), the land will be used to address the housing shortage in the Leicestershire region of England by offering a mix of affordable and open-market properties.

The new development will feature a variety of housing options, including one-bedroom maisonettes and two-, three-, and four-bedroom homes.

The homes will be built using modern construction methods, with timber frame panels to be produced at Vistry's local factory in Bardon.

This approach accelerates the building process, minimises disruption to residents, and reduces each home's carbon footprint by 14,460kg carbon dioxide equivalent when compared to traditional construction techniques.

Vistry Group has secured outline planning permission for the project, with reserved matters expected to be submitted by the end of the year.

Construction is likely to commence in 2025, contributing to the region's economic growth and housing availability.

Vistry South East Midlands managing director Andy Reynolds said: “We are thrilled to be bringing much-needed mixed-tenure homes to the area demonstrating our commitment to delivering high-quality, affordable homes in a sustainable manner to enhance communities and meet the diverse local housing needs in the area.

“We know that people from all walks of life will relish the opportunity to live in modern family homes and to be part of a vibrant and well-connected community here in Leicestershire.”

In the first half of 2024, Vistry Group reported a revenue increase of 9.4% to £1.72bn ($2.27bn), up from £1.57bn in the prior year period. The company's operating profit also saw a significant rise to £167.2m, indicating a robust market presence.