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04/06/2018

Cash from government fund for 1,300 Cambridge homes

Words: Laura Edgar
Costs / Shutterstock_195196565

Homes England has announced a 10-year loan of £22.4 million to help accelerate a development of 1,300 homes on brownfield land in Cambridge.

Hill Marshall LLP, a joint venture between two Cambridge-based businesses – Marshall Group Properties and housebuilder Hill – have secured the loan from Home England’s Home Builders Fund.

The development, Wing, is just over a mile away from the new Cambridge North Station.

The loan will be used to enable infrastructure works for the entire development, including delivery of Main Spine Road, a strategic drainage network, pumping station and strategic landscaping. New transport infrastructure will be delivered as part of Wing while Newmarket Road is to be upgraded to create access to the development.

Homes England is also funding the relocation of the ground running enclosure at Cambridge Airport, which is a purpose built enclosure that aims to reduce noise effects from aircraft engineering testing, is a key planning requirement that has to be completed before any houses are occupied at the site.

The relocation of the ground running enclosure is expected to support the creation of up to a 1,800 new homes in development sites around the airport.

The funding is being made available in advance of full reserved matters approval being obtained, the normal point at which high street lenders would be able to provide funding. This means the first phase of housing at Wing can be delivered up to 18 months ahead of schedule, according to the government.

Hill will deliver the first phase of development, which comprises 350 private homes and 150 affordable homes – including shared ownership and affordable rent tenures.

A spokesperson from Hill Marshall LLP said the funding will ensure the firm is “able to deliver an outstanding new community for local residents in half the amount of time it would normally take”.

Nick Walkley, chief executive at Homes England, added that the loan “is a significant step towards seeing this 1,300 home new community at this key development site in Cambridge become a reality and I look forward to seeing work start on site”.

Image credit | Shutterstock

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