Representatives from the South East England Development Agency (SEEDA) have been sounding out developers at MIPIM about the viability of placing its solely owned property assets into a public private partnership.
SEEDA’s portfolio had a book value of £180m last March but in the face of plummeting values the Regional Development Aagency has begun exploring the different forms of investment vehicle it might employ to ensure it secures maximum value.
Among the sites that would be included are: the 83ha Daedalus site in Gosport, Lee-on-the-Solent, which is currently being masterplanned for a business park and 475 new homes; the 33 acre North Fleet Embankment site in north Kent which is earmarked for employment and residential use; and the 22-acre Queensbury and Rushenden site on the Isle of Sheppey which is also earmarked for mixed use development.
Any sites with existing joint venture partners will not be included.
SEEDA is in the process of signing a development agreement with housebuilder Crest to develop its 43-acre Woolston Riverside site in
Should the development agreement not be concluded SEEDA could potentially add the site to the PPP.
Speaking at MIPIM Lee Armor, executive director of Infrastructure & development, said: “We are market testing the appetite from the private sector as there is no point going to the market if there is no interest.”
SEEDA’s Board will make its decision at the end of May.
