Residential property developer Hill Group has formed a partnership with Legal & General (L&G), a UK financial services group and investor, to provide 200 affordable homes under the £450m ($610.7m) City Centre South regeneration first phase in Coventry.
L&G will acquire ownership of 145 homes designated for social rent and 55 for shared ownership. These residences will be distributed across the initial four blocks along Queen Victoria Road and Market Way.
The larger regeneration effort involves the delivery of a total of 991 homes, 8,000m² of commercial space, and 17,000m² of public space in Coventry’s central area.
This project has garnered support from Coventry City Council, the West Midlands Combined Authority, and Homes England, with funding secured to support early delivery.
The affordable housing units will feature private balconies or terraces and provide residents with access to podium gardens, while the broader scheme will feature rooftop green spaces, solar panels, district heating, and enhanced cycle links.
Hill Group CEO Andy Hill said: “We are delighted to be working with L&G for the first time on the delivery of affordable homes. Their commitment to high-quality, long-term investment in communities aligns closely with our own values.
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By GlobalData“From the beginning, we set out to make City Centre South a new benchmark for inclusive regeneration, and this partnership ensures that the very first homes delivered will be genuinely affordable and visibly central to life at the new development.”
L&G CEO of affordable homes division Ben Denton added: “We are dedicated to addressing the UK’s pressing housing crisis. We’re uniquely positioned to deploy significant institutional capital to deliver safe, secure, and affordable homes where they’re most needed, all while ensuring an excellent customer experience.
“Our involvement in City Centre South perfectly illustrates this commitment, and we’re proud to partner with The Hill Group and Coventry City Council on this vital regeneration project.”
In February, Hill Group partnered with specialist real-estate investment manager Goodstone Living and Peabody Trust, with plans to build 360 new private build-to-rent (BTR) homes at Dagenham Green in East London.
