Tunbridge Wells council has finalised the terms of its joint venture deal with John Laing for regeneration schemes in four
The 50/50 partnership plans to redevelop a series of council-owned assets.
On completion each development will either be sold or retained within the partnership to provide an income stream, “dependent on prevailing market conditions”.
Profits will be shared 50/50 between the council and John Laing.
The local authority asset-backed vehicle will be called the Tunbridge Wells Regeneration Company Limited and is expected to operate for 10 years.
John Laing was originally appointed as preferred bidder in December 2007 from a shortlist of six.
The arrangement could include the potential relocation of 400 council staff from its offices in the
Other potential development sites include 14 town centre car parks, former council offices in
The partners will have equal representation on the board, with four directors from the council and four from John Laing.
Under the partnership John Laing will also provide masterplan services for the four towns to ensure a holistic approach to development and regeneration.
John Laing was advised by King Sturge. Tunbridge Wells council was advised by DTZ.
