Brentwood Borough Council has selected Morgan Sindall Investments as its preferred joint venture partner for a development programme of up to £1bn.
The 50:50 jv will provide new homes, mixed-use developments, public spaces, commercial and leisure facilities on the council’s portfolio of land.
Morgan Sindall Investments will deliver funding and commercial expertise to bring forward redevelopment to transform the borough.
The partnership’s concession period is for 30 years. The award of the contract, which is subject to full council approval, follows an extensive and competitive procurement process which saw the company see off competition from 15 other organisations.
The announcement marks the latest long-term local authority partnership that Morgan Sindall Investments has entered into. Its current jv’s include partnerships in Bournemouth, Hertfordshire and Slough, where funds raised from land receipts and development profits have helped to prevent cuts to frontline services.
Brentwood Borough Council leader Louise McKinlay said: “This is the largest and most significant project Brentwood Borough Council has ever undertaken and will produce the most comprehensive opportunity for redevelopment in our borough.
“The partnership will allow us to make use of council land to build the vital homes and facilities our community needs. At a time of ongoing squeezed local government funding, the profits raised will help to protect against making cuts to frontline services.
“Our residents will, over the coming months and years, be able to see a real change that will build on our heritage and create a town of the future for generations to come.”
The jv will retain and manage certain properties that are developed, and there will be opportunities for the council to acquire properties, including affordable housing.
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