The announcement marks the second time ilke Homes and Man GPM have worked together to deliver an affordable-led scheme, having struck a £31 million deal in December 2020 for a 226-home affordable housing development in Grantham, Lincolnshire.
The 7.8-acre site forms part of phase one at Glenvale Park, which once complete, will deliver a total of 3,000 homes, over 200 acres of parkland, a new local centre and two new schools.
The wider masterplan for Glenvale Park is expected to generate more than 3,000 jobs and £1.4 billion in economic impact for the area - with £2 of social value generated for every £1 spent during construction.
Having received approval from North Northamptonshire Council, ilke Homes has started work delivering a mix of multi-tenure single family houses, apartments and maisonettes, ranging in sizes from one to four bedrooms homes.
The homes – which are due for completion in 2024 – are being manufactured offsite at ilke Homes' 25,000 sq. ft. factory in North Yorkshire, where precision-engineering techniques enable the company to deliver highly sustainable modular homes.
ilke Homes can therefore commit to delivering energy-efficient housing, with a likely EPC rating of A, putting the properties in the top five percent nationally for energy efficiency, with the knock-on effect of saving consumers hundreds of pounds a year on energy bills.
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Thanks to most of the build stage taking place offsite, traffic disruption to the local community will be kept to a minimum.
Man Group's Community Housing team seeks to achieve the dual objectives of providing both social and financial returns, addressing the housing crisis in the UK by building homes that are affordable to households. The UK has experienced a significant, long-term mismatch between supply and demand in the housing market, which has led to an affordability crisis impacting households earning the median income and below. The team deploys institutional capital to build new homes with the aim of generating positive returns for investors and delivering a demonstrable social impact.
Tom Heathcote, executive director of development at ilke Homes, said: "This scheme is testament to the continued confidence our customers have in our product, and we've enjoyed working with local planning officials and other stakeholders throughout the planning process and into the construction phase. After the success of our first joint scheme in Lincolnshire, we're delighted Man Group have shown the confidence in us to deliver a second sustainable urban development scheme together.
"Through our accredited modular methods of delivery, we can ensure the scheme aligns with Man Group's own stringent ESG criteria, while also providing much-needed, energy-efficient and well-designed homes for the local community."
Shamez Alibhai, Managing Director and Head of Community Housing at Man GPM, said: "Our partnership with ilke Homes has demonstrated that it is possible to address the UK's housing crisis with affordable, energy-efficient homes. The development at Wellingborough is an exciting demonstration of how like-minded partners can deliver homes that address the housing challenges of families. ilke's track record on housing delivery and its commitment to innovation fits naturally with our focus on social and environmental responsible investment.
Mark Best, Director of Midtown Capital Ltd, managing partner of Glenvale Park LLP, said: "As a leading provider of sustainable modular properties, we're delighted to welcome ilke Homes and Man Group to Glenvale Park. With the range of properties and mix of tenures available, the new homes will be an exciting new offering to our growing community.
"With hundreds of families calling Glenvale Park home, there is already a strong sense of community spirit within the development. We can't wait to see that grow further, as we welcome new residents into their brand new ilke homes."
For more information on Glenvale Park, please visit glenvalepark.co.uk
www.ilkehomes.co.uk
www.man.com/gpm
