Barratt, Homes England and Lloyds form JV to build out sites of up to 10,000 homes

Barratt, Homes England and banking group Lloyds have entered into a £150m joint venture to build out larger sites.

The trio said today they have launched a new company called MADE Partnership, which will act as master developer on residential-led schemes of between 1,000 and 10,000 homes.

Housebuilding giant Barratt, government agency Homes England and funder Lloyds all own an equal share in the business, which Barratt has described as a “long-term partnership”. The business is initially backed by £150m in equity funding from the three organisations.

A spokesperson for Barratt, which last week saw pre-tax profit nosedive to £171m in the year to June from £705m last time, said MADE Partnership’s potential development opportunities include large brownfield developments and ‘garden village-style communities’.

The launch of the partnership was welcomed by housing minister Matthew Pennycook.

Pennycook said: “The landmark new partnership announced today will support our commitment to ramp up housing supply and boost economic growth by developing more large-scale, attractive and sustainable places across the country with the homes, jobs and infrastructure that communities need to thrive.”

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David Thomas, chief executive of Barratt Developments, said: “Through the MADE Partnership, we are creating a master developer which can manage the infrastructure and placemaking that is needed to deliver at scale.”

Peter Denton, chief executive of Homes England, said: “Whether it’s transforming a brownfield site, extending an existing town, or creating a whole new village, the partnership will have the finance, tools, expertise and partners required to ensure a cohesive approach to delivering a fabulous place that people want to live and work.”