The developer and regeneration specialist St. Modwen Properties PLC is to begin drawing down the funds from the £75 million Homes England infrastructure loan this month
The new infrastructure will enable the company to deliver homes through its housebuilding business, St. Modwen Homes.
This will help to fulfil Homes England’s goals of diversifying the market, promoting better design and creating higher quality homes.
The loan, which is part of the Government’s Home Building Fund, will support St. Modwen to speed up the installation of vital infrastructure, such as roads and schools, on a number of sites.
Chief Executive of Homes England, Nick Walkley, said: “This type of investment is a key example of how Homes England is stepping in to disrupt the housing market and provide homes for those wanting to get a foot on the housing ladder.
“By equipping medium sized homebuilders like St. Modwen Homes with the resources to speed up construction, we are not just handing them the powers to make homes happen, but also to drive up the quality of new homes.”
This investment from Homes England will enable St. Modwen Homes to more than double its housebuilding output by 2022.
Rob Hudson, Chief Financial Officer, St. Modwen, said:
“Our partnership with Homes England will enable us to bring forward our housing developments more quickly, providing much-needed housing across the country.”
One site set to benefit from new infrastructure funding from Homes England includes St. Modwen’s largest residential scheme, Kingsgrove.
The new settlement will include 1,500 homes, sports pitches, open green space and community allotments, located in the Oxfordshire town of Wantage.
