Berkeley and National Grid form new homes joint venture

The Berkeley Group has entered into a joint venture with National Grid to deliver around 14,000 new homes across London and the southeast.

The jointed venture, named St William Homes, will see major residential and mixed-use schemes built over the next ten to fifteen years on a “significant” portfolio of brownfield land that National Grid owns.

Berkeley and National Grid will be equal shareholders of St William Homes, which will have available funds of up to £700 million through its shareholder equity and bank funding. This would make St William Homes one of the country’s top ten homebuilders by turnover. Construction on the first site is due to start in 2016 and the first homes are scheduled for a 2017 delivery.

St William Homes plans to create more than 7,000 new homes in the project’s first phase, generating 5,500 jobs, two new schools and 22 acres of public open space.

Berkley Managing Director, Rob Perrins, said:

“This is good news for home building. St William will take these sites and turn them into new communities. I am delighted to be working with a partner like National Grid which shares our values and has such a strong pipeline of land and assets.”

By David Mote, Editor