Hill Marshall LLP, a joint venture between Marshall Group Properties and housebuilder Hill, have struck a £22.4 million funding deal with Homes England to accelerate the delivery of the new 'Wing' development, which will see new homes delivered across 160-acre of brownfield land owned by the Marshall Group.
The 10-year Homes England loan will be used to enable infrastructure works for the entire development, including delivery of Main Spine Road, a strategic drainage network, pumping station & strategic landscaping. New transport infrastructure will also be delivered as part of Wing and the nearby Newmarket Road will be upgraded to create access to the development.
Homes England are also funding the relocation of the ground running enclosure at the airport – a purpose built enclosure to reduce noise effects from aircraft engineering testing and a key planning requirement to be completed before any houses are occupied at the site. The relocation will also support the creation of up to a further 1,800 new homes in development sites around the airport.
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The first phase of the scheme will be delivered by Hill. Once complete, it will comprise 350 private homes and 150 'affordable' homes – including shared ownership and affordable rent tenures.
A spokesperson from Hill Marshall LLP said: "Marshall Group and Hill are two like-minded family firms committed to making Cambridge one of the best cities to live in the UK. We are delighted to have secured new funding from Homes England's Home Building Fund for this development in the City – it will ensure we are able to deliver an outstanding new community for local residents in half the amount of time it would normally take.
"Cambridge has long been established as one of the best places to live in the UK and this new community seeks to add further to the City's success."
Nick Walkley, Homes England Chief Executive, added: "At Homes England we're using our land, finance and expertise to speed up the delivery of new homes. This loan through our Home Building Fund is a significant step towards seeing this 1,300 home new community at this key development site in Cambridge become a reality and I look forward to seeing work start on site."
(LM)
