Barratt, Lloyds Banking Group and government body Homes England will each contribute £50m to the new housebuilding private-public joint venture ‘MADE Partnership’
MADE Partnership will act as master developer for multiple large-scale, residential led developments ranging from 1,000 to 10,000 homes. These projects will also include community facilities and employment uses, large brownfield developments, as well as new garden village-style communities.
The venture will be led by Barratt’s group major projects director, Stephen Kinsella.
What will MADE Partnership do as a master developer?
Master developers locate land for large developments, sometimes bringing together separate areas parcels of land into a single larger unit.
These organisations take charge of planning and infrastructure, aiding with building schools, setting up community groups and driving local employment strategies.
They can also allocate land to multiple housebuilders and contractors within a development.
Supporting the Government’s goals of 1.5m new homes over the next five years
Housing minister Matthew Pennycook said on Monday: “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.”
David Thomas, chief executive of Barratt Developments, said: “To help us achieve this [housebuilding] 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.”
The MADE Partnership plans to eventually allow SME house builders to bid to develop plots alongside Barratt.
Joining the MADE Partnership continues Lloyds’ foray into the housing sector
Lloyds’ announced plans to become a private landlord in 2021 under the brand name Citra Living, as part of a £4bn strategic overhaul that aims to diversify income streams from solely traditional retail banking. Citra Living’s portfolio currently contains around 2,000 UK homes.
Earlier this year, chief executive Charlie Nunn announced plans to renovate some of Lloyds’ office sites and data centres into social housing, starting with a site in Pudsey, West Yorkshire.
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