Making Places, a joint vehicle between social housing provider Places for People and land regeneration specialist Cofton, has bought one of the biggest residential regeneration sites in the UK.
The joint vehicle bought the 365-acre site, with an end value of £350m, on the outskirts of Milton Keynes this week.
Making Places is now planning to build 2,500 new homes on the site as well as health and community services, two new schools and local shopping and entertainment facilities.
It bought the site from a consortium of Hallam Land Management, William Davis and TGR Williams & Son, which had already secured outline planning for the site.
Construction is expected to start in March 2008 with the first new homes available by spring 2009.
Making Places, which was formed in February this year, has a rolling £300m investment programme to acquire land and develop it across the UK.
David Shaw, joint chief executive at Making Places said: ‘This is exactly the type of scheme we had in mind when we decided to establish Making Places.’
It also has a £200m redevelopment in Smith’s Dock in Newcastle and a £150m regeneration of a site at Pipers Way in Swindon.