House building and construction group Galliford Try has reached financial close on the Gateshead regeneration programme, for which it was named preferred bidder a year ago.
Galliford Try's consortium with Gateshead Council and housing association Home Group will now form a Local Asset Backed Vehicle to build 2,400 homes and associated community facilities, for both private sale and affordable housing.
Work on the £347m regeneration programme is scheduled to start on the first sites later this year and to continue over the next 15 years, with the first package of three sites seeing the development of 318 homes, 55 of which will be for affordable tenures. All homes will exceed current Homes & Communities Agency space standards.
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