Keepmoat Homes has bought out Barratt Homes’ interest in the New Tyne West Development Company (NTWDC), the joint venture behind the Scotswood development, The Rise
The deal paves the way for the regeneration specialist to support a further £120m investment by NTWDC in the project over the next five years.
Keepmoat will double construction output, delivering at least 100 homes a year – around 30% more than when working in tandem with Barratt.
Work has already started on phase two of the Scotswood development, with the first ten homes occupied before Christmas and plans are being drawn up for phase three. Together, this will create over 500 family homes, as well as more work, training and community support opportunities at The Rise.
The New Tyne West Development Company (NTWDC) – a partnership launched by Newcastle City Council with Keepmoat Homes and Barratt Homes – was established to breathe new life into the west of the city through a £265m regeneration programme.
Since building began in 2013, almost 400 homes have been completed – 332 for private sale and the remainder for affordable rent and shared ownership.
‘Delivering positive change in the west of Newcastle’
Lee McGray, NTWDC director, said: “We are delighted that Keepmoat Homes has committed to continue its investment in The Rise, just as phase two of the development is beginning to sell, with new showhomes open for safe viewings and planning consent anticipated for phase three.
“Of course, as well as the much-needed homes, Keepmoat brings an excellent track record of community support and involvement which have been key factors in the success of the project.”
Ian Hoad, divisional chairman with Keepmoat Homes, added: “Our confidence that this project would deliver positive change in the west of Newcastle has proved well-founded and we had no hesitation in extending our commitment to continue the drive for social and economic regeneration here.
“Along with ventures in Glasgow, Edinburgh, Sheffield and Northfleet on the River Thames, The Rise is now one of our key flagship projects, delivering quality, affordable new homes and improving opportunities for the new and surrounding communities.”
When completed, The Rise will comprise around 1,800 homes with its own £6m district heating system – already in place – and a neighbourhood centre, including community, retail and health provision space.
