Urban&Civic and The Wellcome Trust, a charitable foundation, have signed a partnership deal with the UK local authorities, Basingstoke and Deane Borough Council and Hampshire County Council, to develop a £1.2bn new residential project in the UK.

The partners will form a joint venture, named Manydown Development Vehicle, to deliver the new project at Manydown in Basingstoke, Hampshire, UK.

The project will comprise 3,500 new homes; a 250-acre country park; two primary schools with land reserved for a potential new secondary school; two local centres; businesses; shops and community facilities.

Urban&Civic, a UK-based master developer, said that the project represents the first phase of one of the largest residential-led development schemes in the South East. The long-term scheme is expected to create thousands of jobs and provide up to 10,000 new homes.

Hampshire County Council leader Keith Mans said: “This is an ambitious venture and one of the largest developments in this part of the country, and so it is appropriate that it will be led by such a unique and innovative partnership, of which we are very pleased to be a part.”

Urban&Civic said work is underway while the construction on the site is scheduled to commence in late 2021. The project recently secured outline planning permission.

Wellcome Investment Division CEO and managing partner Peter Pereira Gray said: “We are delighted to partner with Urban&Civic and the local councils to deliver new homes and a garden community on this Manydown site.

“This exciting and large-scale development aligns strongly with our long-term investment horizon and is highly complementary to our existing strategic land holdings.”

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Illustration of the new housing project at Manydown in Basingstoke, Hampshire. (Credit: Urban&Civic plc)