The two council partnerships will acquire land for new homes, including council and social rented housing, along with commercial developments.

The Council expects to contribute up to £170m between the two partnerships during the next four years, generating long term income.

The South Cambridgeshire Investment Partnership with Hill Group will build a range of social rented, private sale and private rented sector housing, as well as senior and assisted living, estate regeneration and mixed-use developments.

The partnership with Balfour Beatty, called South Cambridgeshire Projects, will see mixed-use developments be identified within South Cambridgeshire and neighbouring areas.

The Leader of South Cambridgeshire District Council, Cllr Bridget Smith, said: “These exciting and innovative new partnerships will help us to deliver on our pledge to build more housing that is affordable to live in.

“They will also help to grow local businesses and economies by supporting redevelopment and regeneration work at a time when this is clearly a priority.

“This funding will also allow us to continue our work to achieve net zero carbon for South Cambridgeshire and, crucially, provide even more affordable housing that we know we need.

“They will see us reap the benefits of joining-up with large companies to open-up opportunities that we wouldn’t have been able to get involved in by ourselves, while sharing the acceptable risk that investments of these types bring.”