Local developer Crest Nicholson has confirmed that its Cheeseman’s Green site in Ashford has been awarded pre-commissioned status from the Get Britain Building Fund. The fund is managed by the Homes and Communities Agency, and is intended to help bring forward sites that are of particular importance to local communities and which will create a number of wider local benefits.
The £420 million fund has been launched to help housebuilders access development finance and kickstart building work on sites which have already been granted planning permission. The fund is part of the government’s latest housing strategy, and operates on the basis of a risk-sharing model that makes loans available to projects on the basis of commercial rates or equity stakes.
Cheeseman’s Green has been identified as making an important contribution to Ashford’s future growth strategy, and is of key strategic importance for Ashford Borough Council. The first phase of the development, called Stour Meadows, has planning consent for 140 new homes, comprising a mix of 2, 3 and 4 bedrooms that are perfect for local families. Later phases will include the delivery of a school, woodland and public open space, alongside a community centre, food store and number of other shops.
Speaking in support of the scheme, Cllr Peter Wood, Leader of Ashford Borough Council, said: “Cheeseman’s Green is an ideal candidate for the Get Britain Building programme, and is just the type of project that this fund should be supporting. The extra injection of cash will ultimately lead to faster delivery of a substantial site that has the capacity to make a sustained contribution to meeting housing demand, both locally and nationally.“
John Terry, head of Strategic Land at Crest Nicholson, added: “It’s extremely good news that the funding from the Get Britain Building programme is being allocated so quickly. Early delivery of this site will be strategically important to Ashford’s future growth objectives and so we will be continuing to work closely with the Homes and Communities agency over the coming weeks in order to formally conclude the funding arrangements.”
Development activity at Cheeseman’s Green is scheduled to begin in late spring, with the first houses released for sale by the end of the year.