The funding will support the delivery of the infrastructure needed to bring Fairham forward, accelerating the creation of new homes and jobs for the area.
As well as the new homes, Fairham will deliver a new school, community centre, health centre, sports pitches, community parks and woodland.
With 100,000 square metres of employment space, its location on the edge of Nottingham and proximity to East Midlands Airport, the M1 and the East Coast Mainline, the area is also well placed to create and sustain new jobs.
New roads, cycleways, utility provisions and landscaping will also form part of the infrastructure delivered as part of the development.
Homes England, the Government’s housing delivery agency acquired 250 acres of the 606-acre site in May 2019 and is working jointly with Clowes Developments as Master Developers to deliver the primary infrastructure needed to create a high quality, sustainable urban extension.
£62m of the funding comes from Homes England’s £1.3billion Land Assembly Fund and Clowes Developments has secured a £21million loan from the Home Building Fund.
Housing Minister Rt Hon Christopher Pincher MP said:
“This is fantastic for Nottinghamshire and the East Midlands not only because we are building 3,000 new homes but also for the boost this will give to jobs and the local economy. This is part of our mission to build back better from the pandemic and deliver the homes this country needs.”
Gordon More, Interim Chief Executive for Homes England, said:
“This is a big milestone for Fairham and means that work can start in earnest. As the country starts to think about the recovery from the Covid-19 pandemic, large projects such as this not only meet a demand for high quality new homes but also support the housebuilding sector by creating a pipeline of work, providing much-needed stability.
“We’ve been working hard with Clowes Development and Rushcliffe Borough Council to ensure that our plans for Fairham will help meet local need and provide facilities that the whole community can enjoy.”
Robert Hepwood, Land and Planning Director at Clowes Developments, said:
“This funding package from the Government really helps us to make progress on site across Fairham and start to realise our vision of a green and distinctive new district for Nottingham.
“By working in partnership with public bodies we can now accelerate the delivery of new jobs and new homes for Nottinghamshire. We’re sure that people will begin to see further progress on site throughout this year with our first new homes due to start construction in the autumn.”