As part of the agreement and subject to planning permissions, Places for People will purchase two sites: a 307-home development in Burgess Hill, Sussex; and a 165-home scheme in Exmouth Junction, Exeter.
Both projects will provide a range of apartments and two-, three- and four-bedroom affordable homes, which will be managed by Places for People and available for affordable rent or sale through shared ownership.
The deal comes two years after Ilke Homes entered a £100m strategic partnership with Places for People to deliver 750 modular homes across the country.
Scott Black, group executive director for developments at Places for People, said: “By adopting MMC, our partnership with a proven modular business, such as Ilke Homes, allows us to create more affordable, well-designed mixed-tenure communities across the country, speeding up delivery, cutting costs, and giving our customers unrivalled choice and quality.
“The partnership is about pioneering a new way of delivering homes through making socially responsible decisions and working with best-in-class partners.
- High-street lenders slammed for not having the systems to understand the risk profiles of modular
- Ilke Homes raises £60m to deliver over 10,000 sustainable homes
- Boots selects Ilke Homes to deliver 622 modular homes in Nottingham
“Our investment in modular housing across our developments and the proposed acquisition and delivery of Exmouth Junction and Burgess Hill forms an integral part of Places for People’s ambitious growth strategy to deliver high quality affordable homes which meet people’s needs.”
Dave Sheridan, executive chairman at Ilke Homes, added: “We are extremely pleased to have secured these sizeable opportunities which demonstrate our continued investment and expansion across the South East and South West regions.
“These transactions mark a significant achievement for our modular business, with Burgess Hill being the largest for our business in both GDV and volume for a forward-sold turnkey delivery package on a single site.
“Exmouth Junction is similarly the largest site to date secured and packaged in the South West region.
“We are proud to be delivering these homes in partnership with Places for People, making a considerable and accelerated contribution to the availability of affordable homes nationwide.”