A significant joint venture between Lovell and LiveWest Homes has been finalized, paving the way for the development of up to 820 homes on a 135-acre site in North Devon.
Through its commercial subsidiary, Westco Properties, LiveWest, which manages over 40,000 homes, will work alongside Lovell, the housing division of FTSE 250-listed Morgan Sindall Group. This is the first collaboration between the two organizations, both of which have extensive experience in partnerships. The project marks the beginning of a long-term relationship that aims to create a new community on the outskirts of Barnstaple over the next decade.
The development, which already has outline planning approval, includes more than just housing. In addition to 324 affordable homes—significantly exceeding planning requirements—it will also feature a new primary school, a neighbourhood hub, employment spaces, and 27 hectares of green open space.
Ross Field, Regional Managing Director of Lovell, expressed excitement about the collaboration:
“Lovell is thrilled to partner with Westco Properties on this impressive development. This project builds on our momentum in the south west, delivering high-quality mixed-tenure housing while providing spaces for community use, education, and employment. It’s a truly transformative scheme for the area.”
Simon Hawketts, Director in Charge at LiveWest, highlighted the importance of the venture:
“We’re dedicated to providing excellent open market and affordable homes while fostering vibrant communities. Our partnership with Lovell offers a fantastic opportunity to create accessible, affordable housing for local residents over the next 10 years. This project reflects our commitment to addressing the housing crisis and ensuring everyone has access to a home.”
International law firm Trowers & Hamlins played a key role in advising both organizations on this landmark agreement and oversaw all aspects of the transaction commenting on the deal, Jack Frier, Real Estate partner said:
"We are passionate about helping to deliver much-needed housing, so being involved in establishing this partnership between two of our key clients has been fantastic. Coordinating the interests of 15 separate stakeholders required patience and collaboration from everyone involved, and we’re thrilled with the outcome. We look forward to seeing this project take shape."
