The Joint Venture (JV) between Vistry Group, the UK’s leading provider of mixed-tenure homes, and Metropolitan Thames Valley Housing (MTVH), one of the UK’s largest housing associations, has agreed multiple deals to enable the construction of the 323-home next phase of their £1.2bn Clapham Park regeneration scheme.
The JV has secured the land from Metropolitan Housing Trust (MTVH’s Group company), allowing construction to begin on Phase 3, delivering 323 high-quality new homes in total.
The JV has also signed an agreement with MTVH for the forward sale of 128 affordable homes on the phase (comprising 66 affordable rent and 62 shared ownership), while 122 homes have been forward sold to Thriving Investments, the socially conscious fund manager, and Gresham House, the specialist alternative fund manager. Supported by a grant from the Greater London Authority (GLA), all 122 homes will be for shared ownership – meaning that 77% of the phase will be affordable homes, with the remaining 73 homes available for open market sale through Countryside Homes.
The first affordable homes on the phase are expected to be handed over to MTVH in 2026 with the 122 shared ownership homes for Thriving Investments and Gresham House scheduled for completion by December 2026.
Thriving Investments and Gresham House have committed £53 million, via a forward funding agreement, for the development of their 122 shared ownership homes. This represents their first transaction since they partnered in November 2024 to establish a new affordable housing fund management platform.
These deals build on the considerable progress being made by Vistry Group and MTVH on the first joint venture-delivered phase of the Clapham Park regeneration. 520 new homes are due to be completed throughout 2025 and 2026, made up of 282 affordable homes, 123 private homes and 115 homes for rent, managed by Simple Life London.
In total, the regeneration will deliver over 50% affordable homes across the entire masterplan, of which more than 2,500 will be delivered by the joint venture. These will comprise family homes, apartments, build-to-rent apartments and later living. There will also be a community centre, a market square, two parks, commercial and retail space, and an air source heat pump district heating system. The homes will be built to high sustainability standards, and residents will benefit from extensive cycle parking, electric vehicle charging points and public realm enhancements.
As part of this ambitious project, Vistry and MTVH aim to create a number of new jobs as well as training and development opportunities for local people. Over the course of the works, the development will also deliver new commercial and retail spaces, public art and placemaking, sensitively curated and designed to become the cornerstone of neighbourhood life.
Daniel King, Divisional Chair for London at Vistry Group, commented: “The partnership with Gresham House and Thriving Investments allows us to increase the amount of affordable housing we are delivering at our regeneration of Clapham Park with MTVH, helping to meet the chronic need for housing in London through the delivery of over three-quarters of the 323 high-quality homes in affordable tenures. With the land drawdown and affordable housing agreement also completed, these deals pave the way for the start of construction on the next phase at Clapham Park, which will build on the success of the regeneration’s first phase where 520 new homes will shortly be delivered, making a significant contribution to improving both the quality and quantity of affordable housing in the area.”
Guy Burnett, Executive Director of Development, MTVH, said: “We’re delighted to have come to this agreement with Vistry which will begin the next exciting new phase in the regeneration of Clapham Park. This agreement represents yet another huge investment in our flagship regeneration scheme, and reaffirms our commitment to providing the high quality, affordable homes, across a range of tenures, which the local community needs.”
Ben Fry, Fund Manager Gresham House Thriving Investments Residential Secure Income LP, said: “This first transaction under Gresham House and Thriving Investments’ new partnership marks one of ReSI LP’s most significant investments to date. London is experiencing a severe shortage of affordable housing, and this investment aligns with both the UK government’s appeal for institutional collaboration in housing growth, aiming to accelerate the delivery of affordable, high-quality, and energy-efficient homes, as well as the Fund’s social impact commitment.
“Alongside the GLA’s grant support, which is critical in enabling us to achieve shared ownership status for the new residential units, the investment also continues our longstanding relationships with both Vistry and MTVH. Clapham Park represents a landmark development in our journey toward building a £1 billion+ shared ownership portfolio over the next five years.”
Heather Fleming, Managing Director, Institutional Business at Gresham House, commented: “We are thrilled to announce the completion of our first deal under the new partnership between Gresham House and Thriving Investments. This collaboration harnesses our combined expertise and resources to deliver superior outcomes for our clients. It reflects the increasing demand from investors for shared ownership investments, driven by the need for stable income and long-term capital growth opportunities in the UK housing market.
The shared ownership sector will play a crucial role in ensuring a sustainable supply of affordable housing. With £120 million of capital ready for deployment and active fundraising efforts underway, ReSi LP is committed to significantly expanding investment in this vital tenure.”
Since the transfer of Clapham Park from the London Borough of Lambeth, MTVH has completed over 1,500 new homes and refurbishments. In 2019, planning permission was granted for the new masterplan to deliver over 2,500 further homes, extensive green space, infrastructure, community and commercial space. Upon completion, Clapham Park, which spans 36 hectares and is nestled between three local centres – Clapham, Brixton and Streatham Hill – will comprise over 4,000 homes.
For more information go to www.vistrygroup.co.uk