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.

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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.”

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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.

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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)