Aster Group is set to expand its footprint in the south of England by building 264 new homes, including 99 homes across its first sites in Surrey.
The developer and landlord has agreed six new Section 106 acquisitions as part of its £1.5bn investment programme, to manage 160 homes for affordable rent and more than 100 shared ownership properties.
Aster’s first move into Surrey will see the group supply nearly 100 homes across three sites. In West End, near Woking, Aster will deliver 38 affordable houses at the 95-unit The Maltings, in partnership with developer Martin Grant Homes and a further 34 at Oaks Meadows, an 84-unit development from housebuilder Shanly Homes. While in Cranleigh, Aster will build 27 new homes at a 75-unit site from Bellway.
The group will also strengthen its presence in Hampshire, partnering with Taylor Wimpey to deliver 68 affordable homes at Colden Common – Aster’s first scheme in Winchester.
Elsewhere in Hampshire, 55 new homes will be built at the landmark 275-unit Maple Fields development in Alton, with Martin Grant Homes, while a further 42 will be delivered at Bellway’s Rowlands Castle site.
Construction has already begun on four of the sites, with units set to be delivered throughout 2018.
Amanda Williams, group development director at Aster Group, said: “As one of the UK’s top 10 housing association developers by build volumes, we have ambitious plans to invest £1.5bn in new homes over the next seven years.
“That involves continuing to bring high-quality affordable homes to areas where we already have a presence, like Hampshire, as well as moving into adjacent locations where there’s a clear need for new residential stock, like Surrey.
“Our vision is to ensure everyone has a home and we are committed to offering choice across our portfolio to meet this aim.”
Chris Hamilton, Managing Director at Martin Grant Homes, added: “Our new developments at Maple Fields, Alton and The Maltings, Benner Lane, will bring a large quantity of quality homes to regions in need of more stock. Partnering with housing associations like Aster Group is an essential way that we can help to increase the supply of affordable housing in the area and we look forward to seeing them delivered.”
Nathan Stevenson, Regional Director at Bellway South London, said: “Building work has now begun at our Little Meadow development in Cranleigh, where over a third of the homes being built will be provided as affordable housing. This partnership with Aster Group will offer a vital opportunity to help local people and key workers buy a home in their own community.”
In the year to the end of March 2017, Aster delivered 829 homes across the south of England in a range of tenures. The group increased pre-tax profits by 29% to £44m on record revenues of £191m (+7%).