Major €1.25 billion deal for Crest Nicholson

Property developer Crest Nicholson has been appointed for a major UK project investing £1 billion (€1.25 billion) into creating 4,500 new homes at Wyton Airfield, Cambridgeshire.

The Defence Infrastructure Organisation (DIO) with the Ministry of Defence, which owns the site, said the venture to create housing, retail and medical facilities, will generate around 8,000 jobs.

Designed with supporting infrastructure, the scheme includes the construction of three new schools, public transport connections and high-quality green spaces within the development.

Crest Nicholson said it would be delivered with “garden village” principles - evaluating environmental, economic and social factors to create a sustainable community.

It will include plans for up to 470 Ministry of Defence properties for armed forces personnel. An application for its full development is expected to be placed in 2016.

Scott Black, group new business director at Crest Nicholson, said, "With an estimated development value of £1bn, the project will deliver 4,500 much needed homes and major supporting infrastructure.

“It will also deliver two new primary schools, a new secondary school, improved public transport connections into Cambridge and Huntingdon, along with significant employment opportunities, and a district centre including shops, a doctors’ surgery, and supporting community facilities.”