The £229 million JV will deliver 920 new homes within the next phase of the 2,700-home residential community at Harry Stoke.
More than 40% of the new homes will be affordable and additional intermediate housing.
Chris Tinker, Interim Chief Executive at Crest Nicholson, commented: "We are delighted to be extending our long-standing partnership with Sovereign and to be teaming up together to deliver this new residential community on the Northern fringe of Bristol.
"The combination of Crest's major project and housing delivery skills and Sovereign's commitment to acquiring and managing the new affordable and intermediate homes will enable us to accelerate the delivery of quality new homes at Harry Stoke and to meet the housing need in this fast-growing part of Bristol."
-- Advertisement --
Sovereign Housing Group has also committed to pre-purchase 376 of the associated affordable and intermediate homes from the JV.
Tom Titherington, Executive Director Development and Commercial for Sovereign, added: "As a major affordable housing provider, we are looking for partners who can help us provide the foundations for a new community - quality affordable homes, jobs and infrastructure that supports our placemaking agenda. Having worked with Crest Nicholson for a number of years, we are confident they are the right partners to build these foundations with us at Harry Stoke.
"This is also quite a milestone for us, as this well-designed, quality development will bring the number of much-needed affordable houses that we're delivering in the Bristol region over the next few years to more than 1,000."
Crest Nicholson and Sovereign Housing Association have collaborated on successful previous developments including Centenary Quay in Southampton, Tadpole Garden Village in Swindon and Harbourside in Bristol.
As well as new homes at Harry Stoke, the JV will also providing more than £9.5 million worth of community contributions and a local retail centre, community hub, primary school site and nursery. The construction of a new link road to provide access for residents and the surrounding community is also part of the project.
The homes at Harry Stoke are set to be delivered over the next seven years, with infrastructure works due to start this month. The first completed units are expected for Autumn 2019, with residents moving in shortly after.
(CM/MH)
