The partnership consists of five joint ventures across the south of England and represents a 拢167m investment from the two organisations.
More than a quarter of the homes will be for affordable tenures 鈥� 250 for affordable rent and 96 for shared ownership, with the rest for private sale by Vistry.
Vistry Group was formed out of Bovis Homes鈥� recent acquisition of Galliford Try鈥檚 housebuilding businesses, Linden Homes and Galliford Try Partnerships. [See our previous report here.]
Aster and Vistry Homes have already built more than 500 homes in the UK. The most recent joint venture to start is a 130-unit development in Kilnwood Vale, Horsham, West Sussex.
Amanda Williams, group development director at Aster Group, said: 鈥淲e鈥檝e set ourselves ambitious delivery targets and this partnership will play a vital role in meeting these goals. Joint ventures are an incredibly effective method of delivering homes and we actively look for potential partners 鈥� be they builders, other housing associations or local councils. The ability to pool resources and share risk makes them an ideal vehicle for getting large developments off the ground. I firmly believe that collaborative approaches to housebuilding like this are crucial if the sector is to deliver the homes the UK needs.鈥�
Vistry Partnerships chief executive Stephen Teagle said: 鈥淥ur joint venture partnership with Aster Group is making a real difference 鈥� enabling us to deliver more homes and more choice for customers. It is also generating important additional capacity to support more affordable homes.鈥�
Aster built 1,156 homes in the year to the end of March 2019 and has a 拢2bn investment plan to deliver more than 10,000 homes over the next seven years. It operates a mixed delivery model which sees it build housing via Section 106 agreements, joint ventures and its own land-led schemes alongside a growing focus on community-led projects.
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