Birmingham City Council has appointed house builders Keepmoat and Galliford Try to bring forward 234 new family homes in the city.
Homes will be delivered across seven sites spread across the city in Sheldon, Bartley Green, Lozells & East Handsworth, Longbridge and Tyburn.
The council plans to have developers on site by March 2011, with homes complete by autumn 2012.
The council has worked in partnership with the Homes and Communities Agency (HCA) to develop a financial model which offers incentives to developers to build houses for sale based on a long-term profit sharing arrangement, through the Agency’s Public Land Initiative.
Earlier this year, the HCA allocated £4.7m of gap funding through the Public Land Initiative to support the scheme. Birmingham City Council will donate its own land, worth £8.1m to the scheme.
Paul Spooner, executive director for the HCA, Midlands, said: “The strong partnership working between Birmingham and the HCA has resulted in seven sites coming forward for development after just eight months. The council has put its land into the scheme and will receive new council housing in return and by 2012, we will have together delivered new, high quality, energy efficient homes for rent and sale in the city.”
lisa.pilkington@estatesgazette.com
To access all EGi news stories and commercial property data sign up for a free trial today, or visit the subscription options page to find out more.
