Newham council has approved plans for an £800m Urban Regeneration Vehicle (URV) based on sites it owns close to the Olympics zone in east
EGi has learnt that, advised by King Sturge, the council will publish a tender seeking a partner for the
Around 11 sites with a gross development value of £800m will be brought forward in the first phase, with a further six earmarked for future development.
The URVs require the selected bidder to match the value of the assets in monetary terms – property earmarked for the vehicle is understood to be valued at around £50m. Profits are typically split equally over the lifespan of the project.
Newham is the fourth local authority to create a URV.
Earlier this month Croydon selected John Laing as partner for its vehicle. Newcastle will select a partner for its URV in the summer and Devon council has this week received eight bids to partner it on the 1.5m sq ft Skypark business park (bidders include St Modwen, Terrace Hill, Kier and Henry Boot).
Chris Pratt, managing director of King Sturge Financial Services, said the opportunities would be principally mixed-use, comprising large-scale residential, commercial and public realm.
“There will be some opportunity for potential partners to demonstrate to the council what they think can be achieved.”
