Hertfordshire Council and Morgan Sindall Investments have agreed terms to form a property development joint venture for a series of housing-led schemes on surplus council land.
The 50:50 partnership, known as Chalkdene Developments, will be between the council’s own property company, Herts Living Ltd, and Morgan Sindall Investments subsidiary Community Solutions for Regeneration (Hertfordshire).
The agreement is for 15 years, with the option to extend to a further five. It will focus initially on 12 locations with the capacity for 500 homes. This could be extended to around 40 sites with a gross development value of up to £2bn.
The jv also has the potential to deliver schemes under the government’s One Public Estate initiative and on behalf of public sector authorities other than Hertfordshire County Council.
Lisa Scenna, managing director of Morgan Sindall Investments, said: “We understand how important the development of new housing is for Hertfordshire and are excited to have the opportunity to work with Herts Living in fulfilling the council’s vision.
“Our expertise in using this flexible joint venture approach will ensure we can work closely with Herts Living to deliver high-quality, sustainable development at pace and respond to the changing needs of Hertfordshire’s residents and communities over time.”
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