The development management agreement means that Urban&Civic will progress the scheme through the planning system before funding and constructing necessary development infrastructure, and managing the disposal of 'oven ready' land to housebuilders.
Urban&Civic will also construct 35 per cent of the new homes at the development, and will benefit from any value uplift on land sales after costs. The current expectation is for an outline planning application to be submitted within 24 months.
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Urban&Civic intends to focus on providing some homes for the private rented sector to maximise early absorption and quickly establish a viable resident community. The resulting income-producing investments will be retained by the Company, in line with its strategy.
Urban & Civic Chairman Nigel Hugill said: "The development at Waterbeach represents properly joined-up national thinking. It involves public brownfield land being released by a major Government ministry for value enhancing development that anticipates and facilitates change in one of the most innovative and creative locations in the UK, whilst returning substantial proceeds to the taxpayer in the process.
"For our own part, to be selected without consortium partners and so soon after public listing speaks unequivocally to what Urban&Civic can achieve. The core strengths of the enlarged business rest on creating places that work and values that appreciate.
"Building upon pro-active governance, exemplified by the recent City Deal that promises £1 billion of new capital investment into the Cambridge sub region, prodigious local economic drivers and a wonderful landscape courtesy of the Royal Engineers, Waterbeach can grow to be the youthful, vital community that defines Silicon Fen."
(CD/IT)
