The JV will use the funding to accelerate the delivery of 1,300 new homes in Cambridge.

The development – known as Wing – will be located on 160 acres of brownfield land which is owned by the Marshall Group.

The funding will also be used to enable infrastructure works for the entire scheme, including the delivery of Main Spine Road, a strategic drainage network, pumping station and strategic landscape.

Homes England will also provide funding for the relocation of the ground running enclosure at the airport, a purpose-built space to reduce noise effects caused by aircraft engineering testing and a key planning requirement to be completed before houses are occupied on the site.

The relocation of the ground running enclosure will also enable the delivery of an additional 1,800 new homes in development sites around the airport.

The first phase of housing at Wing is set to be delivered 18 months ahead of schedule by Hill and, once completed, will comprise 350 private homes and 150 affordable homes, which will include shared ownership and affordable rent tenures.

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“Marshall Group and Hill are two like-minded family firms committed to making Cambridge one of the best cities to live in the UK,” said a spokesperson from Hill Marshall LLP.

“We are delighted to have secured new funding from Homes England’s Home Building Fund for this development in the city – it will ensure we are able to deliver an outstanding new community for local residents in half the amount of time it would normally take. 

“Cambridge has long been established as one of the best places to live in the UK and this new community seeks to add further to the city’s success.”

Nick Walkley, chief executive at Homes England (pictured above, second left), added: “At Homes England, we’re using our land, finance and expertise to speed up the delivery of new homes. 

“This loan through our Home Building Fund is a significant step towards seeing this 1,300-home new community at this key development site in Cambridge become a reality and I look forward to seeing work start on site.”

Also pictured from left to right: Robert Marshall, CEO at Marshall Group; Mayor James Palmer, Cambridgeshire and Peterborough Combined Authority; Andy Hill, CEO at Hill; and Richard Howe, managing director at Marshall Group