An £83m package of funding has been agreed to accelerate the delivery of 3,000 homes at Fairham, a 606-acre mixed use development on the edge of Nottingham.
As well as the new homes, the funding will also deliver a new school, community centre, health centre, sports pitches, community parks and woodland.
Homes England, the Government’s housing agency, acquired 250 acres of the site in May 2019 and is working with Clowes Developments as Master Developers to deliver the primary infrastructure needed for the development.
Homes England will contribute £62m of the £83m funding package, which will be drawn from the body’s £1.3bn Land Assembly Fund. Clowes Developments has also secured a £21m loan from the Home Building Fund.
The site, which is located on the edge of Nottingham near to East Midlands Airport, the M1 and the East Coast Mainline, offers 100,000 square metres of employment space.
New roads, cycleways, utility provisions and landscaping will also form part of the infrastructure delivered as part of the development.
‘This is fantastic for Nottinghamshire and the East Midlands not only because we are building 3,000 new homes but also for the boost this will give to jobs and the local economy,’ said housing minister Christopher Pincher.
‘This is part of our mission to build back better from the pandemic and deliver the homes this country needs.’
Gordon More, interim chief executive for Homes England, commented: ‘This is a big milestone for Fairham and means that work can start in earnest.
‘As the country starts to think about the recovery from the COVID-19 pandemic, large projects such as this not only meet a demand for high quality new homes but also support the housebuilding sector by creating a pipeline of work, providing much-needed stability.
‘We’ve been working hard with Clowes Development and Rushcliffe Borough Council to ensure that our plans for Fairham will help meet local need and provide facilities that the whole community can enjoy.’