£32m investment to unlock 5,000 jobsProposals to create thousands of new homes and jobs in Devon have been backed by the Government to invest £32 million in the project to get the first phase of work underway.

The investment from the Homes and Communities Agency (HCA) is intended to unlock the development of the long-awaited new community of Sherford, which is anticipated to bring 5,500 new homes and create 5,000 jobs.

The development is expected to generate around £1billion in development expenditure to the area and provide an economic boost worth around £2billion.

Subject to the agreement of legal terms, the investment would be used by a development consortium led by Red Tree to start work on the development and begin a series of important road and utilities improvements to accommodate the early phases of house building.

The funding, unveiled by housing minister Mark Prisk, is set to kick-start construction of houses and community facilities at the new town of Sherford.

The scheme will also include 893,000 sq ft of employment space as well as schools, a town hall, swimming hall and community park.

Colin Molton, HCA executive director for the South and South West, said: “The new community of Sherford is an incredibly important project, because it will go a long way towards meeting the significant need for new homes in Devon and Plymouth and provide a major boost for the economy.

“It is a complex development, which has taken years to bring to this stage. It is fantastic news that investment has been approved which will support the development of the sustainable new community of Sherford. I look forward to seeing work start on the project soon.”

Plymouth City Council leader Tudor Evans added: “For every home built, one and a half permanent jobs are created. This is not just good news for the construction industry, it’s good for the wider supply chains and the businesses and shops that will all begin to see new customers as this new community begins to take shape.”

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