The deal marks Ilke Homes’ fifth scheme as a full turnkey developer – it secured the land at Mannings Farm, near Drybrook High Street, in March 2020 before obtaining planning consent.
The new estate will have a mix of one-, two-, three- and four-bedroom homes, all for shared ownership or affordable rent.
The housing will be manufactured at Ilke Homes’ 250,000 sq ft factory in Knaresborough, North Yorkshire, and trucked down by road to Mannings Farm. Work on site is expected to start imminently, and to finish 12 months later in December 2021.
The deal with Guinness Partnership follows the announcement of Ilke Homes’ £31m deal with hedge fund Man Group for 227 units in Grantham, Lincolnshire – the biggest institutional investment into prefab housing this year.
Ilke Homes director Matthew Bench said: “It has been an unprecedented year for ilke Homes as our business goes from strength to strength. Building partnerships with many of the biggest housing associations further underpins the confidence in our sector.”
Ed Barnes, regional development director at The Guinness Partnership, said: “We are delighted to be working with Ilke Homes using modern methods of construction to increase and speed up the supply of affordable housing in the Forest of Dean.”
Ilke Homes was set up three years ago by TDR Capital, which also controls Keepmoat Homes and David Lloyd Leisure. In November 2019 Ilke borrowed £30m from Homes England, the government housing agency. Most recent published accounts, for the year to March 2019, show (being still in start-up phase) a loss of £22.4m on revenue of £2.7m.