Joint venture partners Vistry and Kier Property have agreed a forward-funding deal with Kennedy Wilson on almost 100 new homes across two development sites.
Kennedy Wilson and the JV partners have completed contracts to enable the delivery of 47 new homes at the ‘Avenues’ development in Watford, Hertfordshire, and the funding of 50 PRS homes at the Holme Meadows development in South Wokingham.
Kevin Delve, managing director at Vistry East London, 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, group managing director at Kier Property, 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.”
Mike Pegler, president of Kennedy Wilson Europe, said: “We are pleased to partner with Vistry and Kier Property to bring these high quality single-family housing schemes to market. These acquisitions align with our strategy to deliver premium rental communities in key growth areas.”
