Today's deal with Grosvenor, which will involve the regeneration of 26ha of brownfield land in the heart of Bath, is one of the largest brownfield regeneration projects in the South West. The project is expected to comprise 2,000 new dwellings and 100,000 sm of mixed commercial development, although details have yet to be finalized.
The homebuilder will take responsibility for the residential element of the Bath Western Riverside Project while Grosvenor will be the master development partner in the scheme. Other development partners are Bath and North East Somerset Council, Grosvenor and the South West Regional Development Agency.
Crest expects to build around 2,000 homes, although the detailed plans have not been finalized and the precise value for Crest was not yet clear. The company has become a specialist supplier of affordable homes in Britain after runaway prices have made it impossible for some people to buy their own homes.
Last week, Crest announced it had been appointed by the government as lead developer on a euro 723-million ($890.5-million) house building project in Milton Keynes, 80 km north of London.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
