It has established a new subsidiary for the acquisition, Eco-Space 41 Ltd (ES41), and aims to build homes in just 41 days.

The target market for ES41 homes are three-bedroom affordable homes to be developed for between £100,000–115,000.

Staminier will also acquire an interest in an SPV which has the rights to obtain a development site in Hertfordshire.

It is hoped that 14 luxury homes will be built in the first phase of development at this site, subject to planning.

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Tim Stanton, director at Staminier, said: “We are delighted to have reached agreement to acquire a scalable and innovative solution to the pressing affordable housing market crisis in the UK. 

“This fast-build, low-cost and energy-efficient housing product could play an influential role in meeting the large demand for affordable homes in the coming years. 

“The added planning gain opportunity makes this a deal that gives opportunity for a near term significant increase in Staminier shareholder value, while the longer-term opportunity for this housebuilding business is highly compelling. 

“We hope to be a significant player in the low-cost, fast-build and energy-efficient affordable homes market in the coming years.”