The investment, made via the former’s National Housing Bank, has secured the 700-acre Cambridge East site from Marshall Group.

This site includes Cambridge City Airport and surrounding land, with Marshall planning to relocate its operations by mid-2029.

The Cambridge Growth Company, a new subsidiary of Homes England, will work in collaboration with The Hill Group to develop the site.

Ultimately, the site is expected to deliver over 10,000 new homes, 3 million square feet of commercial space and support around 9,000 jobs.

Plans also include supporting infrastructure, community facilities such as schools and healthcare provision, and extensive public green space.

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“Cambridge East will become exactly the type of new community this country is crying out for — thousands of new homes to help people get a foot on the housing ladder, backed up with good jobs, modern transport links and beautiful green spaces,” said housing secretary Steve Reed.

“It is a great example of how this government is committed to ending the cycle of homes coming first and services catching up years later.”

Andy Hill, founder and CEO at The Hill Group, added: “We are immensely proud to be collaborating with Homes England as the master developer of Cambridge East — one of the UK’s largest urban extensions.

“We will make sure the masterplan for this site is informed by local residents and delivers what the community wants — much-needed infrastructure improvements, amenities, new homes and employment creation, while setting a new benchmark for placemaking.”