A Galliford Try led joint venture has been appointed preferred bidder on the £347 million Gateshead regeneration programme, one of the country’s largest.
The Galliford Try and Home Group JV, known as Evolution Gateshead, will build 2,400 homes for affordable rent and private sale across 19 sites in the city.
Work will start following financial close later this year and is due to be completed by 2026.
All homes will meet Code for Sustainable Homes level 4 and will be delivered in partnership with Gateshead Council.
Galliford Try chief executive Greg Fitzgerald said: “I am delighted that Galliford Try will be working with Gateshead Council on the transformation of communities across Gateshead.
“We look forward to using our expertise in creating quality, sustainable housing on one of the UK’s largest regeneration projects.”
Pinsent Masons advised the council on the deal and partner Anne Bowden said it provided another example of how local asset backed vehicles could engage the private sector in a difficult market.