The British Property Federation is set to partner with local authorities to help build regeneration and development projects.
The BPF plans to work with three or four local authorities and similar organisations over the course of 2024 before reviewing the impact of the pilot.
It will focus on areas that have the desire for regeneration but may lack experience and want to test their public-private partnership strategy before progressing too far.
The pilot is being spearheaded by the BPF’s Development Committee, which comprises some of the UK’s leading investors, property companies, developers and real estate advisers.
As part of the programme, the BPF plans to draw on its experience working with the Local Government Association and other stakeholders in recent years, to share its insights into the elements of a successful public-private partnership.
It is currently inviting expressions of interest from local authorities and similar public bodies open to early-stage discussions.
The partnerships aim to combine resources, expertise and powers and provide capital investment that would otherwise be unavailable to local authorities. They are also looking to open up commercial viability, aid long-term recovery and growth and improve cross-sectoral relationships.
The initiative comes amid the recent challenging financial climate councils have faced, which has stalled investment and regeneration in many key areas.
Patricia Brown, vice-chair of the BPF Development Committee, said: “The British Property Federation and its members are firm believers in the power of partnership – one that leverages the collective energy, skills and knowledge of both the public and private sectors. This is why we want to share our insights and experience to help support great partnership-led regeneration.”
Matt Sampson, former chair of the BPF Development Committee and regeneration director at the Crown Estate, said: “Building successful public-private partnerships is difficult at the best of times, but in the current economic climate, and given the impact of the climate crisis on new development, the need for business and local authorities to work creatively and constructively together is more important than ever.”
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