Galliford Try, the housebuilding and construction group, has announced that it has reached financial close on the £347 million Gateshead regeneration programme announced in April 2011.

Galliford Try's consortium with Gateshead Council and housing association Home Group will now form a Local Asset Backed Vehicle to build 2,400 homes and associated community facilities, for both private sale and affordable housing.


Work is expected to start on the first sites later this year and continue over the next 15 years, with the first package of three sites seeing the development of 318 homes, 55 of which will be for affordable tenures. All homes will exceed current Homes & Communities Agency space standards.

Galliford Try Chief Executive Greg Fitzgerald commented: "We are delighted to have reached an agreement with our partners to build this much-needed housing in the Gateshead area. We believe that this new local asset backed model with Gateshead Council and Home Group represents an innovative solution to enable Galliford Try and its partners to significantly improve affordable homes supply and sustainable communities in the North East."

(CD)