The investment from the Homes and Communities Agency (HCA) is intended to unlock the development of the long-awaited new community of Sherford, which is anticipated to bring 5,500 new homes, 5,000 jobs, 83,000 sq m of employment space and a host of community facilities to the South Hams district, on the edge of Plymouth. The development is expected to generate around £1bn in development expenditure to the area and provide an economic boost worth around £2bn.
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Subject to the agreement of legal terms, the investment would be used by a development consortium led by Red Tree to start work on the development and begin a series of important road and utilities improvements to accommodate the early phases of house building.
Partners today welcomed the investment from the HCA's £225m Local Infrastructure Fund, which is set up to create up to 50,000 new homes on major sites across England.
HCA Executive Director for the South and South West Colin Molton said: "The new community of Sherford is an incredibly important project, because it will go a long way towards meeting the significant need for new homes in Devon and Plymouth and provide a major boost for the economy. It is a complex development, which has taken years to bring to this stage. It is fantastic news that investment has been approved which will support the development of the sustainable new community of Sherford. I look forward to seeing work start on the project soon."
(CD)
