Galliford Try and Thames Valley Housing Association have formed a 50:50 joint venture worth £50 million to develop a 117-home site in Slough.
The agreement, reached between Galliford’s housing arm Linden Homes and the London-based housing association, is the first of its kind where sites are serially added.
It will see a partnership formed, Opal Land, which will deliver new-build homes for market sale.
The partnership has bought land at the Saint Bernard’s School site in Langley, Slough, which has planning consent for a mixed-tenure development of 117 homes.
Forty of the homes will be affordable, while new and upgraded sports facilities will be provided for the school.
The project is set for the first phase of completions in September 2013.
Opal Land has also bought land along the Blackfriars Road in Southwark, where Linden is seeking planning approval for a mixed-use development.
TVH group development director Mark Allnutt said: “By forming a joint venture with Galliford Try, TVH is able to enjoy the financial benefits of outright sales in developments, while collaborating with a well-established company which is proficient as both a housebuilder and contractor.”
Galliford Try managing director of affordable housing and regeneration Stephen Teagle added: “TVH has a well-established presence in the South-east, and Opal Land will allow Galliford Try to work with a wider range of local authorities, and also to work more closely with them, as well as increasing the number of sales outlets.
“This arrangement is unique in that we are not collaborating on just one site. The joint venture provides both TVH and Galliford Try with an incentive to look for new land opportunities and to use these to provide procurement efficiencies for both parties.”
Thames Valley owns, manages and administers loans for more than 14,000 properties in London and the South-east, with almost 700 currently under construction.