Construction is due to start on more than 100 homes early next year after developers bought a plot of land for £10 million.

An affordable homes company and private house builder snapped up the site, which is set to be part of a new village on the banks of the River Medway.

Hyde, the not-for-profit housing association, and Maidstone-based Chartway Group have signed a joint venture to build 104 homes on the land.

It will become part of Peters Village, a new 1,000-home community across 210 acres on the east bank of the River Medway, near Snodland.

The site will be a mixture of one and two-bedroom flats and two, three and four-bedroom houses.

The land was bought from Trenport Investments, which has invested £50 million in getting the Peters Village plans approved, building a £19 million road bridge over the River Medway connecting the development to the road network.

The company also received a £19.5 million of repayable loan funding from the Government’s Homes & Community Agency.

The village will be built over seven phases and completed in the early 2020s.

The deal with Hyde and Chartway, which will build under its Westerhill Homes brand, follows a previous joint-venture between the two companies at Heron Fields in Sittingbourne, where they aim to complete 300 homes by 2019.

David Gannicott, business development director at Hyde, said: “We are thrilled to be on Peters Village and delivering some much-needed new homes in the South East.”

Tim McLoughlin, projects director at Chartway Group, said: “We look forward to developing the scheme and continuing to deliver further high-quality homes in Kent.”

Richard Hall, managing director of Trenport said: “We are delighted to welcome Hyde and their construction partner, Chartway Group, to Peters Village.

“Having worked with them before I am very confident that the quality of the new homes they will deliver will only add to the growing reputation of Peters Village as a wonderful place to live as the new community in the Medway valley continues to go from strength to strength.”