Homes England, Greycoat Real Estate and Oaktree Capital Management have entered into a joint venture to invest £115m for the transformation of Bourn Airfield in South Cambridgeshire into a new neighbourhood.
The partnership acquired the former Second World War airfield from Countryside Properties, a part of Vistry Group.
Last year, the developer secured planning permission for 3,500 homes on the site, 40% of which will be affordable. In addition, more than 45% of the scheme will be open space.
Jon Kenny, director of strategic land at Greycoat, said: “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 contributing to the region’s long-term prosperity and sustainable growth.”
The scheme, which sits within the Oxford-Cambridge Corridor, is expected to complement the region’s ambitions to be a global leader in innovation, research and technology.
The partners will begin a programme of community engagement, providing residents with opportunities to understand and shape the future of the new neighbourhood.
