Lovell, THT to form Clitheroe homes JV
The housebuilder is in the process of setting up a joint venture with Trafford Housing Trust to deliver 188 homes on a 25-acre site in Lancashire’s Ribble Valley.
A spokesperson for Trafford Housing Trust told Place North West: “THT and L&Q Developments acquired the site in June 2018 and received planning approval for 188 new homes in September 2019.
“We are in discussions with Lovell Partnerships around setting up a 50:50 joint venture to help deliver the development, with the affordable housing being acquired by Trafford Housing Trust.
“The plans include high-quality public open space, bungalows targeted at over-55s, and financial contributions to education, off-site leisure and highways.”
The JV is expected to be formally set up in around one month. Lovell declined to comment on the plans.
The land was previously part of the privately owned Lawstonsteads Farm, on Clitheroe Road in Whalley, Clitheroe. Under the plans, the JV would build a mixed-tenure housing development comprising 131 units for private sale and 57 affordable units, together with the required highways and drainage infrastructure works.
The JV deal would see Trafford Housing Trust transfer its freehold interest in the site to a special purpose delivery vehicle that would award a construction contract to Lovell to carry out the works.
The value of the contract would be around £30.8m, according to a procurement notice. Under the agreement, Lovell would provide pre-construction services, technical advice and project management of the scheme, as well as overseeing the business plan and all required reporting requirements.
The JV would sell the private units constructed on the site on the open market, while THT would enter into an agreement with the JV to deliver all the affordable housing units on the site.
Those units would be retained by THT following the scheme’s completion, under the plans.