A joint venture between Vistry Group and Kier Property has agreed a deal with global real estate investment firm Kennedy Wilson to deliver 97 new homes for the private rented sector (PRS) across developments in Watford and Wokingham.

The agreement marks the first collaboration between the companies, with Kennedy Wilson forward funding homes at two sites: 47 houses at the Avenues development in Watford, Hertfordshire, and 50 homes at the Holme Meadows scheme in South Wokingham.

The Avenues site forms part of the wider Watford Riverwell project, a joint venture between Kier Property and Watford Borough Council. The wider masterplan aims to deliver around 1,100 homes as part of a large-scale regeneration initiative.

Located south of Watford General Hospital and Vicarage Road Stadium, the Avenues development will consist entirely of single-family homes designed to help address the shortage of high-quality rental accommodation in the area.

The development is positioned close to Watford Junction, offering connections to central London in around 16 minutes, and is within walking distance of Watford town centre amenities. The homes will be built to modern specifications, including the installation of air source heat pumps and other energy-efficient technologies aimed at reducing carbon emissions and lowering energy costs for residents.

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The project also includes improvements to local infrastructure and public spaces. Planning permission has already been secured, with construction expected to begin in mid-2026.

In addition, Kennedy Wilson has secured 50 homes for private rent at the Holme Meadows development in South Wokingham. The site forms part of a 343-home scheme being delivered by the Vistry and Kier partnership in one of Berkshire’s key strategic growth areas.

The 50 homes will sit alongside a 35% affordable housing provision within the development, supporting the aim of creating a balanced and sustainable community. Construction at Holme Meadows began in autumn 2025, with the first homes expected to be completed in summer 2026.

Kevin Delve said: "Avenues is an exceptional site in an outstanding location and we are delighted to have exchanged contracts on this latest phase alongside our partners at Kier Property. This marks the first partnership between Kier Property and Vistry’s London division, building on a strong national relationship and paving the way for further collaborations in the capital. Alongside the forward funding of 50 high-quality homes at Holme Meadows in South Wokingham, these transactions will deliver 97 much-needed homes for the private rented sector, providing greater housing choice for local communities while supporting the wider regeneration and sustainable growth of both areas."

Leigh Thomas added: "We are thrilled to see the next phases of our master planned communities at Watford Riverwell and South Wokingham coming to fruition. Our relationship with Kennedy Wilson continues to go from strength to strength and these deals demonstrate how effective collaboration can unlock complex sites and deliver much-needed homes and infrastructure. Avenues at Watford, alongside our plans in South Wokingham, will be a fantastic addition to their respective neighbourhoods, building on the work already undertaken to create vibrant, sustainable communities."