The modular housing company purchased private land before selling to housing provider Stonewater in a £23m deal.
This turnkey deal is a further step in the firm’s evolution from manufacturing homes to becoming a fully-integrated developer.
Modular homes on the production line at Ilke Homes’ factory
The 100% affordable housing development will use MMC and be built in Ilke Homes’ 250,000 sq ft factory in Knaresborough, North Yorkshire.
They will all be available for either affordable rent or shared ownership.
In November 2019, Homes England invested £30m into Ilke Homes, and is also a strategic partner with Stonewater, which received £224m to create 4,500 affordable homes by 2022.
The deal follows Ilke Homes’ recent office expansion in London, Birmingham and Bristol, and the launch of its new homes and development unit.
Matthew Bench, executive director of partnerships at Ilke Homes, said: “The need for affordable housing has never been more acute, and with construction having been paused on sites up and down the country, speed will be absolutely vital.
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“By packaging up private land with turnkey development solutions in partnership with housing associations such as Stonewater, we can quickly scale up the delivery of high-quality, energy-efficient affordable housing across the country.
“Our recent expansion into new regions gives us a greater national reach and, with wide-ranging offerings including providing superstructures, turnkey solutions and full land-led developments, we can truly drive the benefits that come from offsite manufacturing.”
Matthew Crucefix, director of development (West) at Stonewater, added: “Scaling up the delivery of affordable homes is vital to ensuring that everyone in the UK has a place to call home.
“This scheme is exactly the type of progressive development opportunity that will help meet the challenge we face to provide the affordable homes needed to tackle the housing crisis.”
Gordon More, chief investments officer at Homes England, commented: “Our strategic partnerships with housing associations are an important part of our commitment to delivering more affordable homes across the country.
“Utilising modern methods of construction is crucial to building new homes at the pace required, so it’s fantastic to see Stonewater using their strategic partnership with Guinness to collaborate with a leading offsite manufacturer like Ilke Homes.”