UK property developer Godwin Developments has agreed a forward funding deal with CBRE UK Affordable Housing Fund (AHF) – a fund managed by CBRE Investment Management (CBRE IM) to deliver 184 affordable homes in central Bletchley, Milton Keynes.
The four-acre scheme, named Bletchley View, will provide a mix of affordable and shared ownership properties, a combination of one and two-bed flats as well as 12 three-bedroom houses.
Winvic Construction has been appointed as the main contractor on the scheme with work on site already underway and expected to complete in Q2 2024
CBRE UK Affordable Housing Fund (AHF) invests in affordable housing with the aim of having a significant social impact across the United Kingdom.
Bletchley View will cater to the growing demand for affordable homes in the area, especially from young people and families, seeking quality housing within commuting distance to employment opportunities. It will consist of two six and five-story buildings, a row of townhouses as well as commercial spaces for the benefit of residents and the neighbouring communities.
Aligning with the sustainability ambitions of AHF and Godwin, air source heat pumps for hot water and a mechanical ventilated heat recovery system will be installed. The scheme is also located close to a train and bus station to help promote the use of public transport.
Mark Jones, Winvic’s Director of Multi-room, said: “It’s fantastic to be working with Godwin Developments and I’m pleased to say we have already built a strong one-team relationship, built on an aligned approach of delivering quality, sustainable homes for the people of Bletchley. Progress on the groundworks programme, to prepare the site for the concrete frame to be poured, has been going well and I have every confidence in achieving the scheduled handover in Spring 2024.”
Stuart Pratt, Founder and Director at Godwin Developments said: “With its proximity to Milton Keynes, the UK’s newest and fastest growing city, Bletchley has significant potential to become a modern thriving urban destination as outlined in the plans for its regeneration.
“We are therefore thrilled to have partnered with CBRE IM in delivering the first major new residential scheme in the area which will ensure local and new residents have access to a range of quality affordable homes. This scheme aligns perfectly with our strategy for developing a range of residential opportunities across key growth locations nationwide.”
Andrew Davey, Head of Liability Aware Strategies at CBRE Investment Management commented: “We are particularly proud of our partnership with Godwin as it demonstrates the commitment we have to providing affordable homes where they are needed most. Our business plan proactively manages the scheme by setting rent levels and shared ownership prices to meet the specific affordability requirements of the local population.
“We look forward to working with all our partners on this development and are excited to be delivering affordable, sustainable homes to the community of Bletchley.”
Part of the multi-million-pound redevelopment plans for the Buckinghamshire town, famous for its role in World War II code breaking, Bletchley View will also support ambitious local plans for delivering more homes, wider infrastructure upgrades and amenities to the area. Located adjacent to Bletchley station, with connections to London and across Oxfordshire and Cambridgeshire as a part of East West Rail, the scheme will be close to a range of existing amenities, with more to be delivered soon as a part of the metropolitan hub. When completed and fully occupied, it will sustain a diverse range of local shops, bars, cafes, restaurants, niche retail and SMEs which are expected to make Central Bletchley a destination in its own right.
Godwin was advised by agents CBRE and lawyers Hamlins. Simply Planning were the planning consultant. Advisors to CBRE Investment Management were Penningtons and CS2.
Godwin Developments has a fast-growing nationwide portfolio, including nearly 3,000 residential units nationwide some of which are set to begin construction in the second half of 2022. The business operates across the BTR sector covering both multifamily and single-family housing as well as affordable homes with a number of residential developments covering Nottingham, Doncaster, Cambridgeshire, Milton Keynes and Derby, and many more in the pipeline. The company’s commercial and industrial divisions work includes recent developments in Northamptonshire, Staffordshire, Dorset and Cambridgeshire, alongside a strong UK-wide pipeline.
This is a marketing communication. Please refer to the Prospectus for CBRE UK Affordable Housing Fund before making any final investment decisions. No offer or solicitation is being made to US investors by virtue of this release. This release does not constitute an offer to sell or a solicitation of any offer to buy shares in [CBRE UK Affordable Housing Fund], or any other product, and may not be used or relied upon by US investors for making any investment decision. Any offer or solicitation will be made only by means of a confidential Prospectus and related application or subscription form which will only be provided to qualified investors.