£229m Joint Venture with Crest Nicholson announced

2 July 2019 

The new joint venture will deliver a total of 920 open market, affordable and grant-funded intermediate homes at Harry Stoke, Bristol, together with related physical and social infrastructure.

Crest Nicholson and Sovereign Housing Association today announced the formation of a partnership to deliver 920 new homes within the next phase of the 2,700 home new residential community at Harry Stoke, Bristol. The £229million Joint Venture (JV) will utilise Crest’s place-making and major project delivery skills to deliver both the homes and associated infrastructure. The arrangements also include a commitment from the Sovereign Housing Group to pre-purchase 376 of the associated affordable and intermediate homes from the JV.

Crest Nicholson and Sovereign Housing Association are long standing partners, with successful previous developments including Centenary Quay in Southampton, Tadpole Garden Village in Swindon and Harbourside in Bristol. The joint venture formation follows Crest Nicholson’s wider strategy to accelerate delivery and diversify the tenure base on its larger sites through strategic partnerships.

Affordable housing and additional intermediate housing will comprise circa 42% of the development and includes s106 and additional grant-funded intermediate homes available for shared ownership or affordable rent. These homes will include a range of one and two-bedroom apartments and two, three and four-bedroom homes to suit the diverse range of customer needs.

The homes at Harry Stoke are set to be delivered over the next seven years, with infrastructure works due to start this month. The first completed units are expected for Autumn 2019, with residents moving in shortly after.

Chris Tinker, Interim Chief Executive at Crest Nicholson, comments: “We are delighted to be extending our long-standing partnership with Sovereign and to be teaming up together to deliver this new residential community on the Northern fringe of Bristol.

“The combination of Crest’s major project and housing delivery skills and Sovereign’s commitment to acquiring and managing the new affordable and intermediate homes will enable us to accelerate the delivery of quality new homes at Harry Stoke and to meet the housing need in this fast-growing part of Bristol.”

Tom Titherington, Executive Director Development and Commercial for Sovereign, said: “As a major affordable housing provider, we are looking for partners who can help us provide the foundations for a new community - quality affordable homes, jobs and infrastructure that supports our place-making agenda. Having worked with Crest Nicholson for a number of years, we are confident they are the right partners to build these foundations with us at Harry Stoke.

“This is also quite a milestone for us, as this well-designed, quality development will bring the number of much-needed affordable houses that we’re delivering in the Bristol region over the next few years to more than 1,000.”

Andrew Ball, Development Director at Crest Nicholson South West, adds: “The South West has been a major part of Crest’s delivery pipeline in recent years and this new venture at Harry Stoke will build on our track record of delivering sustainable new communities and expand our presence in Gloucestershire. Harry Stoke’s strategic location, abutting Bristol Parkway station on the London-Cardiff trainline makes it an attractive proposition for people working in both capitals, many of whom may wish to take advantage of the quality multi-tenure homes to be delivered over the next seven years.”

Conveniently located for commuters, with Bristol Parkway station and M32 motorway nearby, Harry Stoke is a 65-acre site that forms a major part of the South Gloucestershire Council’s housing strategy.

In addition to the affordable housing, the partners are providing more than £9.5 million worth of community contributions as well as a local retail centre, community hub, primary school site and nursery. Much needed infrastructure developments are also being made, with the construction of a new link road to provide access for residents and the surrounding community. 

Press released issued in partnership with Crest Nicholson.