Barratt Developments and Swindon Borough Council have launched a 50:50 joint venture to develop 250 hectares at Wichelstowe, south of Swindon, over the next 20 years.
The scheme will deliver about 2,670 new homes, two primary schools and a secondary school on council-owned land.
Barratt Developments will contribute £187m to the development, which includes half of the value of the build, all of the required infrastructure work, the initial capital contribution and the guarantee. Its funding commitment for the year is £15.7m.
The housebuilder will also be the exclusive provider of the development and management services for the site.
Swindon council will provide the land and the infrastructure already in place.
David Thomoas, group chief executive of Barratt, said: “We are delighted to be selected by Swindon Borough Council as the preferred partner to deliver much needed high quality new family housing for Swindon.
“Our shared vision for Wichelstow is to design and create neighbourhoods which will be a pleasure to live on and will enhance the local communities for years to come.”
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