Haringey council is to seek a partner for an innovative delivery vehicle that will develop up to £2bn of property across the north London borough.
The council wants to establish a jointly owned company with a private sector partner to build 5,000 homes on 20 council sites.
It will vote next week on whether to pursue the partnership strategy, and if the council’s cabinet approves, a major procurement exercise will begin in late November, with the Official Journal of the European Union process starting formally in January next year.
The private sector partner would be expected to fund and develop the sites, which are spread around major regeneration areas including Tottenham and Wood Green.
The council would seed the vehicle with sites that include housing estates, brownfield land and commercial plots.
Land in the Northumberland Park regeneration area and the council’s offices in Wood Green would be among the first sites brought into the vehicle.
The council wants to develop houses in a range of tenures including private sale, shared ownership, private rental and affordable rental.
It will consider joint venture bids between developers and investment partners interested in retaining stakes in rental housing.
Turnberry Associates and Bilfinger GVA are advising the council.
Seed sites
Land owned by the council to be transferred into the vehicle:
● Northumberland Park Regeneration Area
● Wood Green Civic Centre
● Wood Green Library
● Wood Green: River Park House and Station Road Buildings in council ownership ● Cranwood.
Sites that may be transferred to the vehicle, and should be considered part the procurement process:
● Broadwater Farm Area, N17 ● Leabank/Lemsford Close, N15
● Park Grove (including Durnsford Road), N11
● Tunnel Gardens, N11
● Turner Ave/Brunel Walk, N15.
jack.sidders@estatesgazette.com
