A joint venture between Homes England, Greycoat Real Estate and Oaktree Capital Management has agreed the purchase of a former airfield site in Cambridgeshire.
The JV will acquire the Bourn Airfield on the edge of Cambourne with plans to build 3,500 homes on the site. Development at the former airfield was given the go-ahead last July after years of delays.
The £250million master developer JV was formed last December with the aim of unlocking and accelerating large-scale development sites across England.
It will focus on large and complex sites with the potential to deliver over 1,000 homes and will prioritise placemaking to ensure developments feature homes that are suitable for communities.
The acquisition of the Bourn Airfield site comes amid wider plans by the government for a growth corridor between Oxford and Cambridge, with the chancellor hoping it will add £78billion to the economy.
The partnership said that it will deliver £115million of investment towards infrastructure as part of the development, including the proposed Cambourne to Cambridge busway. 40% of the homes created will be classed as affordable.
Jon Kenny, the director of strategic land at Greycoat Real Estate, said: “Our partnership is focused on the acceleration of new homes through early upfront delivery of much-needed infrastructure. For Bourn Airfield that means delivering 40% affordable housing and facilitating the delivery of the C2C to create a sustainable, well-connected community.”
“We are playing an important role in the government’s growth plans for Cambridge and the expansion of this incredible city. By accelerating this vital project, we are not only supporting the chancellor’s strategic objectives for the Oxford-Cambridge Corridor but also contributing to the region’s long-term prosperity and sustainable growth.”
