Joint venture partners
Hyde and Brighton & Hove City Council.
Number of new homes
1,000 (500 affordable and 500 shared ownership).
Numerous sites in Brighton & Hove – first three sites total 3.66 hectares.
Gross development value
£64.3m (first three sites).
The council and Hyde hold a 50% equity interest in the joint venture vehicle. Hyde is to be employed by the joint venture as development manager and will also provide sales and marketing services. The first year’s profits are projected to be approximately £6m. The joint venture is expected to boost the local economy by £1bn, including training and employment opportunities for the local community.
Why the partnership works
The partners worked together to:
- develop a transparent framework – holding regular meetings and sharing information between the partners at all levels
- create a truly affordable rent product linked to the national living wage, with lower risk as reduced exposure to market risk/cross subsidy model.
This is a real first of its kind, which will help to meet housing needs for years to come. It is our commitment to providing genuinely affordable homes for local people who are working hard and struggling to get by that has driven us on. This is the biggest housing delivery project in the city in a generation and it is truly innovative.Warren Morgan, Council Leader