The investment, which is part of the planning agreements with the council for two developments in the city, aims to provide support for local services.
Jenny Walker, sales director for Bellway Essex, said: “This significant investment is part of the planning agreement for two popular and sustainable developments that will bring nearly 300 much-needed new homes to Colchester.”
Notably, 89 of these homes will be affordable properties, offering low-cost rent or shared ownership opportunities for residents.
The developments by Bellway have led to financial contributions of £962,601 going towards schools, healthcare, and community services.
Ms Walker added: “The delivery of these developments has seen us commit almost £1 million to help improve local facilities and infrastructure.”
In terms of locations, Aspen Walk, off Halstead Road in Eight Ash Green, will house 150 new homes, while another 145 homes are set for Hollytree Walk, off Bromley Road.
Ms Walker shed some light on the breakdown of the funds, outlining the division of the £894,566 contribution for Aspen Walk, which includes funds towards education, healthcare, and local facilities.
For Hollytree Walk, £68,035 has been contributed, with £50,301 allocated for NHS services.