National regeneration specialist, MMC² has announced that it has awarded contracts to deliver the first phase of its major mixed-use development in Lydney, Gloucestershire.
In a contract worth £16m, Kier Partnership Homes will construct a range of 53 new homes available to purchase on the open market and 80 affordable homes in the beautiful setting on the edge of the Forest of Dean. The affordable homes will be owned and managed by the Bromford Group which is investing approximately £5m in building the homes.
The Homes and Communities Agency (HCA) is investing the remaining £5m in delivering affordable homes as part of the first phase of this major mixed use regeneration scheme, based near the Federal Mogul foundry.
MMC² is Executive Developer of the 49 acre Lydney development, which has planning permission for 600 new homes and 10 acres of new employment space, as well as significant new infrastructure and sustainable green open space. This first phase of development will deliver around 150 jobs in addition to the new homes, a 40 metre new roundabout and 10 metre new spine road into the site, and sustainable drainage solutions.
Mark Russell, Managing Director of MMC² Land and Regeneration, said: "I’m delighted to confirm MMC’s partnership with Kier and Bromford. This shows that we mean business and are forging ahead with this vital scheme for Lydney. Building these new homes in such a tough economic climate is a clear display of the team’s commitment to meaningful regeneration and the Lydney community.
"Working alongside the HCA, we are now on-site and working hard to build these much-needed homes. Once construction is in full swing, there will be around 150 jobs created, providing a real boost to the local economy.
"Lydney is part of MMC’s growing portfolio of developments across the country. We are a leading company in the regeneration sector, driving forward schemes which make a real difference to local communities, like Lydney, throughout the UK."
Chris King, Kier Partnership Homes Managing Director, added: "Kier Partnership Homes is pleased to be working with MMC and Bromford Group to bring about transformational change on this first phase at Lydney.
"As affordable housing specialists the Lydney development adds to our growing portfolio of projects being delivered in partnership with the HCA with whom we have National Developer Partner status."
David Warburton, HCA Head of Area, said: "It's great news that work to provide much needed affordable housing in Lydney has now started.
The Forest of Dean is not alone in having high demand for affordable housing, but the effects this can have on local communities can have negative impacts and force people to move away from areas because they cannot access a home. As well as helping to address this, the HCA’s investment is also helping to safeguard or create local apprenticeships. This has to be good news for Lydney."
Bromford Chief Executive Mick Kent said: "This is an exciting milestone for everyone who has worked so hard to make this multi-million pound transformation become a reality. We're very proud to be working with the HCA, MMC and Kier on this key regeneration project and pleased the hard work is now starting to pay off.
"The people of Lydney can now start to see high-quality homes taking shape – homes which will meet a very real local need for affordable housing. Our own investment of £5m to match the £5m received from the HCA reflects Bromford’s long-term commitment to improving the quality of life for people in the Forest of Dean and the rest of Gloucestershire."
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