Homes England, the government’s housing and regeneration agency, and Countryside Properties - part of Vistry Group - have signed a long-term investment joint venture to accelerate the development of large sites across England.

The new vehicle, named Hestia, is backed by a combined £150m of capital investment by Homes England and Vistry. It will focus on the delivery of high-quality, mixed-tenure communities at pace and scale, which will contribute towards the government’s commitment to build 1.5 million homes in this parliament.

Hestia’s investment strategy will focus on identifying sites to bring forward vital new infrastructure and manage the construction of new communities of between 400 and 3,000 homes each.

By mobilising private capital alongside government investment, the JV aims to  bring forward developments and deliver thousands of new homes to buy and rent.

Stephen Teagle, chief executive - partnerships and regeneration at Vistry, said: “This joint venture is a powerful example of what can be achieved when ambition is fused with collaboration.

“By coinvesting with Homes England, Vistry are upscaling the delivery of mixed tenure communities - Vistry is not just building homes - we’re investing in the future of communities across the UK and supporting our focus on social value including developing social and affordable housing.

“Our intention is also to pilot selling a proportion of de-risked land parcels to small and medium-sized housebuilders (SMEs) helping to increase the availability of land and stimulate growth among smaller developers.”

Pat Ritchie, chair of Homes England, added: “As the government’s housing and regeneration agency, one of our key responsibilities is to unlock strategic housing sites by working with both the public and private sector to bring them forward at pace and scale, helping to meet the government’s housing targets.  

“This joint venture with Vistry Group will do just that, by targeting large sites capable of delivering up to 3,000 new homes in well-designed communities, while continuing to support SME housebuilders in achieving their own growth ambitions.