Cornerstone inks first deal
2 March 2012
Investment firm Cornerstone has agreed its first deal since being set up by former Partnerships for Schools chief executive Tim Byles last year.
The organisation, as part of a joint venture with low-carbon firm ZEDprojects, is planning to develop a “groundbreaking zero-carbon village” with Plymouth City Council.Plymouth and the CornerstoneZED joint venture have signed an option agreement that, subject to planning permission, will see up to 66 family homes and 20 flats built on Bickleigh Down in north Devon.
“This will be a truly innovative development that takes green living to the next level,” said Byles. “We look forward to developing our plans with the local community and hope to explore further opportunities in the region that will help stimulate the local economy.”
Under the plans to make the development one of the most environmentally friendly, the joint venture claims each home will generate enough income from energy produced to eradicate utility bills – with residents even expected to receive money back from the local energy provider.
Byles set up Cornerstone as a mutual working with public bodies to help them develop their estate.
