A leading developer 420x237

A leading developer

Last year, in a competitive market constrained by land and labour shortages, we delivered 1208 homes. Of these, 701 were at sub-market rents and 423 were for shared ownership, demonstrating our commitment to delivering affordable homes to people across a range of incomes.

Number of properties completed

We expect the number of homes developed with our joint venture partners to increase to 90 in 2018/19 as the four sites move into full scale production. We will be continuing to look for further partnership opportunities to grow our market in this area, both with private sector developers and contractors, but also with local councils. We have also recently established a joint venture with one local authority in our operating area, but we want to do more.  

Building homes also generates wider social value; the capital investment stimulates the economy by providing jobs, new homes are generally more energy efficient and provide environmental benefits and the homes are let at subsidised rents, which reduces pressure on the Housing Benefit bill.

There’s also significant resident value that’s less easy to quantify; for example, the wellbeing of having a new home to live in, providing security for the family, and the benefits of a more energy efficient home.

But providing new homes across a range of tenures isn’t the only way our development makes a difference to people and communities. Where we can, we will maximise the social value of our investment, including creating job or training opportunities.

Victory Oak, Christchurch

Built on a former WWII hospital site, Sovereign’s £50m Victory Oak project will provide 210 new houses, 59 of which are affordable, with 25 shared ownership properties, alongside a 17-hectare nature reserve. The development has been supported by Homes England.

Deeside, Basingstoke

This former county council owned care home adjoins existing Sovereign stock and as the access is shared we have negotiated the purchase of the property on a subject to planning basis. The scheme has been submitted for planning and is expected to deliver 15 new homes for affordable rent, together with improvements to the car parking and amenity space of the adjoining bungalows. It is anticipated that the redevelopment will be supported by funding from Homes England.

Hutton Close, Newbury

Planning permission was secured to redevelop this site of 57 flats and bungalows which were originally used for older persons housing. The site will be redeveloped to provide 80 new homes, 56 for private sale and 24 for affordable housing. It is proposed that the site will be redeveloped through our second joint venture with David Wilson Homes.

Blackberry Hill Hospital, Bristol

A total of 346 new homes will be built by developers Galliford Try, including 129 refurbished properties inside the historic buildings of the former hospital in the Fishponds area of Bristol. Another 217 houses and apartments will be built in the hospital’s grounds, along with space for shops and a community space. Through viability the number of affordable homes was reduced to 20 via a Section 106 planning agreement. However, working in partnership with the developer we have attracted additional grant funding from a variety of sources, meaning a total of 100 much-needed affordable homes will now be built on this site.

Wapping Wharf, Bristol

We have entered a £21.9m contract on the second phase of this waterfront development to deliver a further 44 apartments for market rent, along with 49 for shared ownership. Phase 1 of this development is complete and we have 55 apartments for market rent fully occupied.