Chelmsford Residential Development
Under the scheme, Hammonds Estates will act as the master developer of a 1,160 acre site which has been earmarked for a community of mixed residential tenures supported by amenities and education, leisure and health spaces.
Grosvenor has announced plans to triple the size of its Strategic Land business, targeting a portfolio of at least 30,000 homes within the next five years in areas of economic growth where housing need is most acute.
Discussing the project, Alex Robinson, Director of Development, Strategic Land for Grosvenor Britain & Ireland, said:
"This new partnership exemplifies our target model for our Strategic Land business. Working with Hammonds Estates LLP - as with our existing partners on our other schemes - we will focus both on delivering new homes at pace, and creating exceptional communities that create a positive legacy for residents and landowners alike.
"This requires a considered approach and a long-term view. It means deploying capital patiently to unlock development through up-front investment in infrastructure and placemaking, as well as maintaining careful stewardship over the design and management of new communities as they grow.
"Quality of environment is a major differentiator for our Strategic Land model. At both Trumpington Meadows and Barton Park, we are meeting calls for a more meaningful debate on the role of open space and green infrastructure. At Hammonds Farm, we look forward to interrogating these issues further to ensure that the site reaches its potential as a successful, healthy community."
In 2018 the privately owned Grosvenor Group (the parent of Grosvenor Britain & Ireland) reported record 2017 revenues, despite the downwards revaluation of its property portfolio in the UK and Ireland.