Ending the Medesham Homes partnership
In 2018 we created Medesham Homes as a not-for-profit Joint Venture partnership between Cross Keys Homes (CKH) and Peterborough City Council (PCC) with both holding equal shares. The premise was to use our expertise and funds generated from the sales of homes under the right to buy scheme to build new affordable homes to rent.
The first site, Midland Road, saw £3.9 million invested in 29 new homes in March 2018. The partnership went on to invest another £11.1 million building another 65 homes across two further sites. Medesham Homes also owns Bretton Court and Pleasure Fairs car park and the intention was to develop these also. CKH has invested a lot of time and effort meeting with developers and architects with an aim to bring these schemes to fruition. Unfortunately, the partnership experienced many sets backs including covid and multiple changes in leadership at PCC which stalled any real progress after the development of the initial houses.
In October 2024 when it was clear to CKH that PCC no longer wanted to invest in the partnership we made a commercial offer, which was based on an independent valuation, to buy out PCC from Medesham Homes. Our intention was to deliver the development of these sites independently. PCC took a paper to cabinet in March 2025 outlining CKH's offer with an expectation to conclude the purchase by June 2025. Discussions progressed and CKH engaged lawyers to finalise the purchase. Whilst slow, the transaction continued until August 2025 when PCC decided they wanted to change the arrangement being negotiated. PCC now want to take on Medesham Homes as an entity including Bretton Court and Pleasure Fairs car park and for CKH to take the 94 homes already built which are leased to us on a long term basis. We agreed to this in principle immediately.
Since then, we have been expecting PCC's formal offer (heads of terms) but as of today, 16 March 2026, we still have not received anything. We regularly speak to their consultant managing Medesham Homes on behalf of PCC but there has been little or no discernible progress. We understand from their latest statement to the press that PCC are preparing a report for cabinet in summer 2026 for a decision. While we are now aware of this timescale, we still await the draft heads of terms that will form their offer.
This is not the situation CKH want and it is certainly not right or fair for the local community. However, until PCC responds with their offer there is nothing we can do. The partnership remains an equal share between the two organisations. We continue to manage Bretton Court trying to keep it secure and responding to all reports of vandalism and anti-social behaviour.
Whilst CKH will not take on the development of Bretton Court under this new anticipated outcome, we will respond quickly to PCC's offer as, like the community, we want the regeneration of Bretton Court to progress. We will certainly not delay any negotiations over Medesham Homes and will continue to do our utmost to bring forward a swift resolution to this long delayed matter.